Illinois Is Getting Paid To Go Solar
Illinois businesses with solar systems are being paid for Solar Renewable Energy Credits (SREC) they generate.
Combine that with the Federal Investment Tax Credit, which allows a tax credit for 26% of system cost, and you get more than half your initial investment back in the first year.
How The Illinois Solar Incentive Works
The Future Energy Jobs Act of 2016 revised the Renewable Portfolio Standard, requiring a 25% offset of retail electrical load in Illinois. The act also increased market incentives for solar through the Illinois Adjustable Block Program (ABP).
Solar Renewable Energy Credits are created by the production of solar energy – 1,000 kWh of solar energy = 1 SREC. Utilities may buy SRECs to help them comply with the standard. The utility then owns the SRECs.
When you install solar energy panels, you generate SRECs and may sell them to the utility through the Adjustable Block Program. Illinois solar incentives are for a one-time, lump-sum payment with residential solar or payments over five years with commercial solar.
Illinois, Go Solar With Sunvest
SunVest Solar has offices in Geneva, Wood Dale, Oakpark and Highland, Illinois, and we’re ready to help you go solar.
We have experience working with the Illinois utilities and permitting authorities that your solar project will need, and you can count on us to be your partner through every step of the process. We’ll be your guide for:
- Size solar system you need
- Applicable incentives, including the ABP
- Monthly electric impact
- Long-term financial results
SunVest can even help with financing your solar system.