by Alex Farkes
Borrego Solar is an IMA B2B Partner
Illinois businesses can now participate in the long-awaited Illinois solar incentive program known as Illinois Shines. Illinois Shines is a state administered solar incentive program supporting the development of new solar energy generation. The program opened on January 30th and is currently accepting applications, making now the time for Illinois businesses to determine if a new solar system on their roof or adjacent land could deliver energy cost savings.
The program is structured so that a new solar energy system receives a front-loaded, 15-year contract to sell Solar Renewable Energy Credits (SRECs) to the electric utility. The price for the SRECs is set at a predetermined price for all systems in a block, so there is no risk to SREC price fluctuation once a project is accepted into the program. The total 15-year SREC contract value is paid equally over the first five years. The blocks are sized to allow for a large group of projects to qualify, but there is an advantage to getting into the program early since the SRECs will decline 4% as blocks are filled.
To participate in the Illinois Shines program, businesses must work with an Approved Vendor that will apply to the Illinois Power Agency to be part of the program. More information is available at IllinoisShines.com.