7,224

Passenger vehicles driven for one year

4,000

Homes electricity use for one year

4,040,475,781

Number of smartphones charged

549,233

Tree seedlings grown for 10 years

Community Solar in Illinois

Lily Lake, Mount Morris, Gardner, and Grand Ridge, IL

In 2019, SunVest participated in the Illinois Power Agency’s lottery for Community Solar projects, winning Solar Renewable Energy Certificate (SREC) contracts for 10 projects totaling 27 megawatts.

Powering the world with clean energy is going to take a diverse skillset, and today’s solar business is a sophisticated mix of engineering, real estate, business, construction and other fields. The value chain involves a variety of specialized players, each working together to make solar projects happen. SunVest Solar plays several roles in this multi-disciplinary field, especially in Illinois.

In 2019, SunVest participated in the Illinois Power Agency’s lottery for Community Solar projects, winning Solar Renewable Energy Certificate (SREC) contracts for 10 projects totaling 27 megawatts. Receiving the SREC contracts was a crucial step in the development of these projects, one that allows the power generated from the solar arrays to be sold to residential and commercial subscribers. In total, these community systems will have the potential to power 4,000 homes, saving subscribers money in the process!

What happened with these projects after the 2019 lottery presents a case study in today’s solar industry. SunVest developed the projects, which means we found landowners interested in leasing their land, performed preliminary engineering, paid the utility for interconnection studies, secured permits, and entered them into the lottery. After they were selected, we sold the assets to another company. While another firm now owns the assets, we retained the right to serve as the contractor for engineering, procurement and construction (EPC) on the four projects in ComEd territory. Another EPC firm constructed the other six projects, all in Ameren territory.

Three of four EPC projects (located in Lily Lake, Mount Morris, and Gardner, Illinois) have been brought online and one (in Grand Ridge, Illinois) is underway. Each solar array is custom designed by SunVest to maximize the system production and savings for subscribers. They each have 2,000 kW (2 megawatts) of capacity, or the equivalent of the average electricity use for 400 homes for one year.

This kind of transaction is common in the solar business. Generally, we seek to be a long-term owner of solar projects. But in this case, we divested of the projects and used the capital to fund additional development activities in Illinois and other states.

Three of four EPC projects (located in Lily Lake, Mount Morris, and Gardner, Illinois) have been brought online and one (in Grand Ridge, Illinois) is underway. Each solar array is custom designed by SunVest to maximize the system production and savings for subscribers. They each have 2,000 kW (2 megawatts) of capacity, or the equivalent of the average electricity use for 400 homes for one year.

Common Energy, a firm specializing in finding subscribers for community solar projects, is working to find potential customers for the arrays. If you live in ComEd territory, you can subscribe here!

Meanwhile, we’ve acquired other community solar projects from different developers, and are now working to construct and bring those assets online. Learn more about our other community and commercial and industrial projects in Illinois here.

The Illinois Climate and Equitable Jobs Act (CEJA) will expand incentives for renewable energy projects like this to meet the state’s goal to transition 100% of electricity to renewable energy by 2050.

Community Solar and the Path to 100

The Illinois Climate and Equitable Jobs Act (CEJA) will expand investments in clean energy to meet the state’s goals to transition 40% of electricity to renewable, carbon-free energy sources by 2030, 50% by 2040, and 100% by 2050.

Community solar projects will play an important role in Illinois’ effort to transition to clean energy sources. Arrays can be developed on large plots of land or on top of expansive commercial, industrial, and institutional buildings. They allow hundreds of nearby homes and businesses to subscribe to receive a portion of the electricity generated by the shared solar panel system. Systems can be community-owned or owned by a third party.

With the signing of CEJA, financial incentives are available for community solar garden owners and subscribers, including SRECs. Subscribers benefit from SRECs that reduce their electrical bill even if they don’t have solar panels installed on their individual property.

SunVest has invested in Illinois solar projects for many years and currently has a significant portfolio that will and help Illinois achieve the goals established by CEJA. We are committed to helping Illinois businesses, municipalities, and utilities transition to clean energy. Ask us how we can help with your project today.

REQUEST A QUOTE

For your free consultation, contact SunVest via the Request for Quote form below. One of our team members will contact you with a Free quote that is tailored for your business.

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