New distributed solar incentives in Chicago, Illinois have recently gone into effect, stimulating a rise in home solar panel installations around the great lakes area.
The incentives are a byproduct of the state’s Future Energy Jobs Act, a legislative effort to help it pivot into a clean energy economy. The act sets forth the ambitious goal for Illinois to install 2,700 MW of solar energy by 2030, a significant increase from the 75 MW that currently exists.
To help the state reach its target approximately $30 million of the Renewable Energy Resources fund is earmarked to encourage the installation of home solar panel systems and small projects under 10 kW.
The Illinois Commerce Commission and state Power Commission are in charge of fixing the price of SRECs, which they hope to make enticing enough to encourage more solar installations.
“Built into the legislation is the ability to tinker with the pricing if it looks like it’s not set perfectly. There’s a lot of good thought and analysis going into getting it right.” EnergyNews.us quoted MeLena Hessel, a clean energy and sustainable business policy advocate for the Environmental Law & Policy Center.
The new law will award one Solar Renewable Energy Credit (SREC for each megawatt hour MWh) of electricity that a home solar system produces. Home owners can then sell the SRECs to receive extra money, which will be in addition to the state’s already generous net metering rebates.
CHICAGO AVG COST & SAVINGS FOR SOLAR*
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* 2016-2017 discounted prices and savings for a solar panel system in Chicago after the 30% Federal solar subsidy (ITC) is included.
When Illinois solar power generation reaches 5 percent of its utility load, the net metering incentives will end and regulators will re-evaluate how much utilities should pay back to customers that install solar.
While this means that there is only a limited window to procure all of the state’s incentives and install a home solar system for next to nothing, customers that complete the install before the 5 percent cap is reached will be grandfathered in with net metering for the life of the solar array.
To get an even better price on the cost of installing home solar, contact GoGreenSolar.com or call (888) 338-0183 to compare hardware prices and our network of installers.