Illinois Renewable Energy Credits (SRECs)
What is an SREC? Illinois is one of the few states that pays you to produce clean electricity from solar systems and renewable energy. This incentive is called the Solar Renewable Energy Credit (SREC), and is regulated by the Illinois Shines Program. It is an appropriate incentive for businesses, farms, homes, non-profits, government buildings, and others who can benefit.
Illinois SRECs help those solar system owners recover their investments. In addition, SRECs help bring about a clean and diverse energy system in the state of Illinois.
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How Srecs Work Why SRECS?
Owners of a solar system can generate SRECs from the energy produced by their solar panels and systems. One Illinois SREC equals 1,000 kilowatt-hours (kWh) of solar energy generated, or one megawatt (MWh). In other words, every time MWh produces a solar array, another SREC is there.
Owners sell their manufactured SRECs in Illinois on a 15-year contract to a market set up by the Illinois Power Agency (IPA). SRECs are sold separately from the actual electricity they produce, which means that owners can use electricity from their solar system to directly reduce their home or business electricity bill and sell SRECs generated from that energy to the consumer.
SRECs accumulate as solar energy is generated and are usually paid as a lump sum or over a period of 7 to 5 years. For small residential and commercial applications less than 25 kW (AC) SREC payment will occur at a single charge. Larger systems over 25.0 kW to 2,000 kW are paid annually for a period of 7 years.
Ready For Your Savings?
If you’re ready to take advantage of this highly beneficial Illinois solar incentive, give us a call or contact us today. Whether you’re already a proud owner of a solar array system or you’re thinking about making the solar investment, contact us today to learn more.
Our experts will be happy to discuss this exciting incentive and make sure you understand all the rewarding benefits Illinois SRECs can potentially bring to your project.
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