Illinois Solar Renewable Energy Credits

Solar electric system owners now have the opportunity to sell what s known as the solar renewable energy credits srecs their solar array produces.

Illinois solar renewable energy credits.

Solar renewable energy credit srec residential. The law requires a significant portion of that energy come from residential solar to achieve this goal illinois s largest utilities must make incentive payments to homeowners who invest in solar. Top solar programs in illinois. 17 0838 approving the illinois power agency s long term renewable resources procurement plan.

Illinois solar incentives illinois has a law requiring its utilities to source 25 of their energy from renewable sources by 2025. Srecs exist as a result of a regulation known as the renewable portfolio standard rps. Dsire is the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the united states. The illinois srec program could potentially cover 20 to 40 of your total solar investment for residential and.

State university and receives support from energysage. Renewable energy credit prices for the adjustable block program and the illinois solar for all program. Clean energy technology center at n c. Illinois has two main solar policies that will have the biggest financial impact on your investment.

Solar renewable energy certificates srecs are a solar incentive that allows homeowners to sell certificates for energy to their utility. Update april 4 2018 on april 3 2018 the illinois commerce commission issued a final order in docket no. The initial plan was approved in 2018 and a revised plan was approved in early 2020. The agency s activities related to the development of new renewable resources to support the illinois renewable portfolio standard are guided by the long term renewable resources procurement plan.

The adjustable block program. Rec s are a state incentive whose value is equal to the solar energy you produce over 15 years times the price set by the illinois power agency for rec s. Please note this is an incentive which is subject to tax. The residential renewable energy tax credit as the irs calls it can be an attractive way to save on the significant cost of installing solar panels or roofing an average sized residential solar.

The sale of these srecs will allow solar owners to recover part of the initial price tag if they participate in the illinois adjustable block program. For your system the value is 7 1 cents kwh produced which is paid in year one. Illinois solar renewable energy credits help the state meet renewable portfolio standards rps which is a regulatory mandate that sets goals for generating a percentage of illinois overall electricity from renewable energy. A homeowner earns one srec for every 1000 kilowatt hours kwhs produced by their solar panel system an srec can be worth over 300 in certain states.