Illinois Solar Renewable Energy Credits

Illinois solar incentives illinois has a law requiring its utilities to source 25 of their energy from renewable sources by 2025.

Illinois solar renewable energy credits.

Top solar programs in illinois. Solar renewable energy certificates srecs are a solar incentive that allows homeowners to sell certificates for energy to their utility. Established in 1995 dsire is operated by the n c. Update april 4 2018 on april 3 2018 the illinois commerce commission issued a final order in docket no.

Clean energy technology center at n c. 17 0838 approving the illinois power agency s long term renewable resources procurement plan. What is an srec. 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 initial plan was approved in 2018 and a revised plan was approved in early 2020. Solar electric system owners now have the opportunity to sell what s known as the solar renewable energy credits srecs their solar array produces. The illinois srec program could potentially cover 20 to 40 of your total solar investment for residential and. Solar renewable energy credit srec residential.

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. 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. 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. Renewable energy credit prices for the adjustable block program and the illinois solar for all program.

Dsire is the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the united states. For your system the value is 7 1 cents kwh produced which is paid in year one. Illinois renewable portfolio standard rps means the state is committed to producing 25 percent of its electricity from renewable resources by 2025. Please note this is an incentive which is subject to tax.

Illinois has two main solar policies that will have the biggest financial impact on your investment. 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. Srecs exist as a result of a regulation known as the renewable portfolio standard rps. 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.