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To calculate the SREC, there are several categories to keep in mind. First is, the utility provider. Utility providers are divided between Group A and Group B. Below are the Utility providers included in each group:
Block Groups
GROUP A
Ameren Illinois
MidAmerican
Mt. Carmel
Rural Electric Cooperatives
Municipal Utilities located in MISO
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ComEd
Rural Electric Cooperatives and Municipal Utilities located in PJM
Block Category
Then, applications are categorized according to a household's system size. All systems lower than or equal to 25kW AC are considered small systems. Large Systems are further divided into 5 sub-categories, with values ranging from 25-2000kW AC. Below are the subcategories for households and buildings with a large system size:
<10kW
10 - 25kW
>25-100kW
>100-200kW
>200-500 kW
>500-5000 kW
Blocks
Finally, the per megawatt rate is ultimately determined by the Block number. A specific system size is allocated for each block. The system size for the IL SREC is defined by the inverter size and is in W AC. More information on this can be found on the program FAQ. Once the system size is met based on the number of applications Illinois has received, they will close the current block and open a new block with a new and relatively lower rate.
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Sighten EverBright currently has Block 5 activethe 2022-2023 rates avialble as outlined in this presentation. If you wish to block the incentive from populating on quotes, you can find block status here. |
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What makes IL SRECs special is they offer front loads, where you can be paid 85% of the 15-year SREC value upfront on year 1 for small systems, and up to 5-year SREC value for large systems.
Sighten EverBright calculates the value of the SRECs as: Total SRECs = System Inverter Capacity kW AC * 0.1642 / 1000 kW/MW * 8760 hours/year* 15 years. From the total number of SCREs, we multiply it by the SREC rate multiplied by the 20% discount (5% collateral and 15% vendor fee).
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