What Are SRECs?
by Ryan Davis, on Sep 14, 2021 11:14:31 AM
Lower solar energy cost with Illinois incentives
If you live in Illinois, you may have considered adding solar panels to your home. But the potential cost of a new panel installation might be holding you back. Thankfully, Illinois has a host of programs that will help you lower your solar energy cost. If you don’t know about the SREC program yet, this is the blog for you. Here, we’ll explain how and why you should get excited about the program that will help you afford a solar panel installation. Ready to learn more? Keep reading.
See Also: Build a Solar Panel System That Fits
What Are SRECs?
SREC stands for Solar Renewable Energy Certificate. It's a program deployed by the state of Illinois to help you switch to solar energy. The cost of a solar panel installation can seem daunting, but through the various state and federal programs (including SREC), it may be possible to pay less each month than you do for your current energy bill.
SRECs are credits earned for every 1000 kilowatt-hours of solar energy produced by your system. You can sell those credits back to the government and use the money to help reduce the cost of your installation.
The state has committed to to purchasing 45 million RECs annually by 2030.
They’re part of a statewide initiative called Renewable Portfolio Standards. RPS programs are helping states switch to renewable sources of energy by providing regulation on how much renewable energy those states will produce, and a hard deadline to achieve the goal. In the case of Illinois, RPS requires the state to operate on 40% percent renewable energy by 2030 and 50% by 2040.
Increasing the RPS to just 40% by 2030 will create more than 50,000 new jobs!
You can help! Because it’s a challenge to change the infrastructure, the state is relying on residents to help make it possible. SRECs help the state achieve its goals while paying you back for the energy your home produces. It’s a win/win -- and you’ll get to enjoy more benefits of living in an area powered in part by renewable energy.
How to Benefit From SREC
This new legislation will save consumers over $1.2 billion over the next 10 years!
The first step to benefitting from the SREC program is to see if solar is right for you. At Summit Solar, we use advanced software to determine how much sunlight your property receives, and whether or not it’s possible to achieve 100 percent solar energy.
Our expert analysis will give you an accurate estimate of the cost of adding panels to your home, so you won’t have to worry about surprise fees. And if solar isn’t right for you, we won’t pressure you into buying a system from us.
At Summit Solar, we believe that solar shouldn’t be one-size-fits-all. We want you to enjoy the full benefit of going solar. If we can’t make that happen for you, we won’t waste your time.
Ready to find out if solar is right for you? Click here or give us a call at 888-884-3557 today!