Illinois SREC Incentives
If your system was energized on or after January 21, 2015, StraightUp Solar has your SREC incentive ready and waiting for you! We have already won highly valued SRECs for these systems that reduce the cost of your solar project right now
StraightUp Solar’s current bundle of SRECs are first come, first served. We expect the current supply to be gone soon, so act now!
What about you early adopters? If you have a pre-January 21, 2015 solar system, you too can receive SREC payments. Check out our FAQ for the upcoming Illinois Power Agency SREC Auction for older systems – get registered by September 15 to be eligible for SREC bidding!
The SREC program allows those with solar arrays in Illinois to sell the system’s “green value” Solar Renewable Energy Credits (SRECs) to the Illinois Power Agency. The SREC incentive comes as a cash payment to the solar owner and will lower the cost of a solar system by approximately 25%. Avoid the delay and headache of the SREC auction and take advantage of the SRECs we have secured for you right now
For comparison, 1 SREC equals the environmental benefit of 1,000 kWh (1 MWH) of electricity produced by a solar electricity system.
Why does the SREC program matter?
Pair the SREC with the 30% Solar Federal Tax Credit for deep savings. These discounts along with ballooning Illinois electric rates will help Illinois become a top ten solar state, matching Missouri’s massive solar growth over the last several years. Act now!
Brief Background on the Illinois SREC Program
In 2015, Solar Renewable Energy Credits, also called SRECs, were released by the Illinois Power Agency to create a production-based incentive for distributed energy systems. The energy production from grid-connected solar energy systems is valued by the Illinois Power Agency as a way to allow Illinois to increase the portion of its energy mix that comes from clean renewable forms of energy and thus get closer to reaching the current goal of 25% renewable energy generation in Illinois by 2025 – soon to be 35% by 2030 if the current Clean Jobs Bill standard is passed. Off-grid systems are not eligible for this program, however all customers of all utility companies are eligible.
Illinois solar PV system owners will receive payments for the SRECs their systems produce under a 5-year contract period. Solar PV system owners are eligible to submit their system for payments from the IPA according to the date the system was energized.
If a system was energized prior to January 21, 2015, the system will be eligible for the Regular SREC Procurement.
Read more about the Regular Procurement Here.
If a system was energized on or after after January 21 2015, the system will be eligible for the Supplemental SREC Procurement.
Read more about the Supplemental Procurement Here.