Illinois Solar Renewable Energy Credits (SRECs)
Solar is hot in Illinois! Here’s why: Illinois is one of few states that pays you to generate clean energy from solar. Solar renewable energy credits (SRECs) can help solar system owners recoup their investment while diversifying electrical power systems in Illinois.
Your Guide to Solar Renewable Energy Credits
SRECs are a great incentive for solar power owners, allowing them to get paid for the energy they generate with their system. This incentive is perfect for businesses, farms, homes, non-profits, and more.
How Do SRECs Work?
Solar system owners can create SRECs from the energy produced by their panels and arrays. In Illinois, one SREC equals 1,000 kilowatt-hours (kWh) of solar energy generated, or one megawatt (MWh). In other words, every time a MWh is produced by a solar array, you gain another SREC.
In Illinois, owners sell their generated SRECs to the state for a 15-year contract that is set up by the Illinois Power Agency (IPA). SRECs are sold separately from the actual electricity they produce, which means owners can use the electricity from their solar array to lower their electricity bill while selling the SRECs that are created from that energy to the buyer.
SRECs accrue as solar electricity is generated and are typically paid out either as a lump sum or over a 7-year period. For small residential and commercial systems under 24 kW (AC), the SREC payment occurs in a single payment. Systems over 25 kW are paid out annually over 7 years.
Experience Great Savings with SRECs and Incentives
Between the federal tax credit and the SREC incentive, up to 50-60% of your solar power system could be paid for. Your payback time is also greatly reduced if you take advantage of these incentives alongside solar loans. Illinois SRECs 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 sources. The Illinois SREC program could potentially cover 20-40% of your total solar investment.
While these incentives can make solar very appealing, we understand that it can be difficult to come up with the initial capital for your system. Tick Tock Energy offers accessible financing options to eliminate this concern, helping you enjoy the benefits of generating electricity from the sun. If you have questions or want a detailed quote for your farm, home, or business, contact our experts today.
Illinois Adjustable Block Program (ABP) Program Structure
The Illinois Shines program addresses three areas:
- Small Distributed Generation (DG) from 0-25 kW (AC)
- Large Distributed Generation (DG) from >25 kW up to 5,000 kW (AC)
- Community Solar
Distributed generation refers to “behind the meter” solar systems intended to generate electricity for the home or building they are connected to.
Community solar systems are typically large systems from 500 kW to 5 MW (AC) that feed into the grid and generate power for subscribers.
THUMBS UP FOR SOLAR!®
Tick Tock Energy helps farms, commercial businesses, and homeowners Reduce utility costs, Produce their own power, and Manage energy consumption. Or, more simply, think: REDUCE-PRODUCE-MANAGE®.
We develop solar energy solutions that meet the unique needs of each client to deliver long-lasting, reliable, and high-quality solar systems that we support with lifetime service. Tick Tock Energy was established in Illinois in 2006 and have one of the strongest reputations of any solar company in the Midwest.
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Tick Tock Energy is ready to help you invest in a clean solar energy system on your property, capture lucrative solar incentives, reduce long-term electricity costs, and and enhance the value of your property. To discuss your power needs with one of our solar consultants, request an initial consultation and quote today.
Tick Tock has helped countless homeowners across Illinois and from Missouri to Indiana enhance the value of their property and reduce their utility costs with solar power systems. Explore our recent installations below.
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