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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
GROUP B
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 10kW 25kW AC are considered small systems. Large Systems are further divided into 5 sub-categories, with values ranging from 1025-2000kW AC. Below are the subcategories for households and buildings with a large system size:
<10kW
- >10
10 - 25kW
>25-100kW
>100-200kW
>200-500 kW
>500-
20005000 kW
Blocks
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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 Ilinois Illinois has received, they will close the current block and open a new block with a new and relatively lower rate.
Case in point, Illinois is now accepting applications for Block 1 for all block categories and block groups. Once the allotted system size is met, Block 1 will be closed, and applications for Block 2 will be opened.
Here's a table for reference:
If we look at the table, we can see that since applications are accepted for Block 1 at the moment, rates per megawatt are now at $85.10 for Group A, small systems while Group B's small systems can expect $72.97 per megawatt.
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EverBright currently has the 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. |
What makes IL SRECs special is they offer front loads, where you can be paid
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85% of the 15-year SREC value upfront on year 1 for small systems, and up to 5-year SREC value for large systems.
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).
We hope this helps! Feel free to contact us at Support should you have any further questions or feel that these values should be updated.
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