It’s game time. Well, almost.
The Illinois solar renewable energy credit (SREC) market is poised to take off, and the Illinois Power Agency’s (IPA) first Supplemental Photovoltaic Procurement event is right around the corner. And, with recent uncertainty surrounding the Department of Commerce and Economic Opportunity’s (DCEO) grant program, the Illinois solar industry is looking heavily to SRECS to make their projects pencil.
Through the Supplemental Photovoltaic Procurement, the IPA will purchase $30 million worth of SRECs from Illinois-sited solar photovoltaic (PV) systems through events in June, November, and then March of 2016. The Procurement emphasizes new, small distributed generation facilities that have been energized after January 21, 2015. Half of all SREC purchases must come from systems smaller than 25kW, and the other half must come from projects 25kW to 2MW in size. The table below lays out the funding available and other size restrictions for all three events.
|Event Date||Funds Available||Size Categories|
|June 2015||$5 million||<25kW (50%);>25kW and < 500 kW (50%)|
|November 2015||$10 million||<25kW (50%);>25kW and < 500kW (15%);>500kW and < 2 MW (35%)|
|March 2016||$15 million||<25Kw (50%);>25kW and < 2 MW (50%)|
Coming to an Aggregator near you
The first Procurement, set for June of this year, has $5 million of the total funding available. The maximum system size will be set at 500kW.
Sol Systems will aggregate bids for the June event and submit them on behalf of PV system owners, installers, and developers who will be able to choose their own bid prices. Through this strategy, Sol Systems will reduce the risk and confusion a potential project owner faces before making a final decision. This process will provide a turn-key vehicle for submitting bids, allowing installers to focus on sales instead of learning the intricacies of the Procurement Program. For all winning bidders, Sol Systems will handle system registration, SREC delivery to the IPA, invoicing and processing payments.
For system owners whose systems are already energized or nearing completion, Sol Systems will help them generate additional value from their system through an SREC contract without having to wade through bid proposal requirements, state contracting rules, or Illinois Commerce Commission dockets.
Installers or developers looking for more information about how we can support your sales and development efforts in Illinois or interested in placing speculative bids, please contact Eric Stam at firstname.lastname@example.org or 202-448-7648.
ABOUT SOL SYSTEMS
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 180MW of distributed generation solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company’s tailored financial services range from tax structured investments and project acquisition, to debt financing and SREC portfolio management. For more information, please visit www.solsystems.com.