by Alex Farkes, Director of Project Development, Midwest Region, Borrego Solar, www.borregosolar.com
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. Borrego Solar is an Approved Vendor and leading developer, designer, installer, and operator of commercial solar & storage systems. Our project development and engineering team can assess whether your energy demand and the structure of your facility or land makes you a good candidate for solar and help you take advantage of the program. For more information, you can contact us on our website here: www.borregosolar.com
“The opinions expressed in this article are solely those of the presenter and do not necessarily represent an official policy or position of the Illinois Chamber of Commerce.”