Act Now or Miss Out: Illinois Solar Incentives Change in 2024

Illinois is a great State to go solar! Illinois solar incentives make the cost of going solar even more affordable. How do they work, and why do they change? Iconic Energy experts provide the answers.

What Is the Illinois Solar Incentive Program?

The Illinois Shines program pays an incentive to participating solar installations based on the amount of energy the system is estimated to produce for 15 years. The money is paid upfront, anticipating solar production during that timeframe. The dollar amount is based on the amount your system will produce over 15 years and the current price per SREC at the time of application for participation in the program.

What is a Solar Renewable Energy Credit (SREC)?

The amount of renewable energy sent to the utility grid is tracked, and a REC is issued when one megawatt-hour of electricity from a renewable energy source is produced. SRECs have value and are widely used in energy markets and represent the environmental value of energy generated by renewable sources.

How Much Incentive Money Can I Get?

The program is constantly changing. Each program year, the Illinois Power Agency sets the price for SRECs that apply to Illinois Shines. In 2023, we have seen the highest SREC payouts since the start of the program!

What has this meant for our customers that went solar in 2023? Amazing savings! Some of our customers got up to 80% of their purchase price back between the Illinois Shines SREC purchase program and the federal tax credit for going solar!

What Is Changing and When Is It Happening?

We know that SREC prices will be going down in June 2024. This means incentive payouts will be lower. It will still be a substantial incentive after that date, but we will no longer see our customers get as high as 80% of their purchase price back.

Why Do I Care About Changing Solar Incentives Now?

June seems like a long time from now. But, consider this…

From the time you sign a solar contract with Iconic Energy, it can take four months or longer to get locked into the SREC incentive price.

It can take four months or longer to get locked into the SREC incentive price.

What Are the Steps to Lock In My Incentive Money?

Why four months? In the video on this page, Kelli, Applications Manager at Iconic Energy, talks with Dan, Sr. Vice President, about the process to lock in this incentive rate. They provide a brief overview of what happens during that time.

Be assured: Iconic Energy handles all the communications with various parties, so you don’t have to. The only thing we need from you are signatures at specific steps along the way (highlighted in yellow below).

Iconic Energy handles all the communications with various parties, so you don’t have to.

The steps are detailed here. If you’d like to follow along with the official documentation from Illinois Shines, the entire process is detailed in this document.

1. Review and Sign the Disclosure Form and Customer Contract

  • You sign a contract with Iconic Energy and an Illinois Power Agency Disclosure Form.
  • Kelli from Iconic Energy submits your application to the SREC program to Carbon Solutions, the approved vendor that works between Iconic Energy and the Illinois Power Agency.
  • Carbon Solutions sends a contract to the customer for their signature. The contract gets emailed via DocuSign. The customer should sign this as soon as possible to avoid any delays in the application.

2. “Part I” Application Submission and Review (1 – 2 Months)

  • Once the customer signs the contract, Carbon Solutions groups the solar project with other solar projects to form a batch of projects totaling 100 kW. This batch gets sent to the Illinois Power Agency for review. If there are errors in the application, 14 days are allowed to correct the errors.

3. Commission Review (1 – 3 Weeks)

  • The application gets submitted to the Illinois Commerce Commission (ICC) for approval. The Commission meets approximately every two weeks to review applications.

4. SREC Contract Execution (3 – 4 Weeks)

  • The Contracting Utility and Carbon Solutions sign a contract that sells the SRECs produced by your solar project. This is what locks in your incentive rate.

Get Started Today for the Best Incentive

The sooner you start this process, the more likely you will lock in the current high incentive rate. As you can see, Illinois Shines expects at least four months to pass from the time your initial contract is signed with Iconic Energy until your incentive (SREC) price is locked in.

Don’t wait, take action now! If you’re considering going solar, the time to act is today.

Contact Iconic Energy to begin the process, secure your savings, and make a sustainable choice for your future. Take advantage of this incredible opportunity!