The Illinois solar incentive payments utilities make are technically payments for Solar Renewable Energy Credits (or “SRECs”, which is pronounced “ess-wrecks”) your system will generate.
One Illinois SREC represents the renewable attributes of one megawatt-hour of electricity generated by a solar system. Utilities such as ComEd must purchase these SRECs on terms dictated by the Illinois Power Agency, a unit of State of Illinois. For most residential systems, the utilities must pay for 15 years of estimated SREC production in advance, usually within six months of when you first install your system.
The Illinois Power Agency sets the prices for Illinois SRECs. The price per SREC depends on when a homeowner signs up; originally, the price was $72.97 per SREC. Contact Ace GC Exteriors to understand current pricing.
The number of SRECs a home solar system will produce over 15 years depends on the size of the system (measured in kilowatts), the position of the panels on the home relative to the sun (south-facing is best), shading, and a few other factors.
For almost all residential systems, homeowners can expect to receive their Illinois solar incentives about 180 days after their system is installed.
Please contact Ace GC Exteriors to understand pricing, but here is an example of a typical system pricing:
System size = 8.4 kWd
Est. production over 15 years = 146 mWh
Est. SRECs produced = 146 SRECs Block 1
Price per SREC = $72.97
Price of SRECs to utility = $10,654
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