How is the IL SREC calculated on EverBright?

Owned by Grace Subang (Unlicensed)
Last updated: Sept 06, 2022 by Kira Gaza
2 min read

IL SREC stands for Illinois Solar Renewable Energy Credits and is Illinois' strategic approach to encouraging more people to get into Solar.

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 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. 

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 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.