In 2017, the state of Illinois passed the Future Energy Jobs Act, which called for a significant increase in new solar energy development. This program will offer payments to qualifying projects for the RECs that the system produces over a 15-year contract. The end goal of the program is to produce 1,000,000 RECs annually by May 31, 2021, which will require about 666 MW of solar energy.
Renewable Energy Certificates (RECs), or as they are sometimes called SREC’s (Solar Renewable Energy Credits) are non-tangible energy commodities that account for 1 megawatt-hour (MWh) of electricity generated from an eligible renewable energy resource. Solar energy is credited with one REC for every 1,000 kWh or 1 MWh of electricity it produces. For example, an average residential customer consumes 1,000-1,500 kWh in a month.
Under this program, called the Adjustable Block Program, for every REC (1,000 kWh) generated, owners will receive payment based on the size and type of the solar energy system. With these credits, along with the 30% federal tax credit and other potential incentives, a solar array can pay for itself in as little as one year. Due to these incentives, the demand for this program has been extremely high.
Currently, the only size group that still has space available is 10 kW and under, but the <10 kW group is only open until March 15th. If you are interested in learning more about how you can take advantage of this program, please call us at 844-533-9140 or click the button above.
