Legislation at both the State and Federal level has put Illinois at the forefront of the renewable markets in the US. Incentives and favorable tax credits for commercial solar and large-scale energy storage are assisting in getting these projects approved from the C-Suite.
The Climate and Equitable Jobs Act (CEJA) passed by the Illinois General Assembly in 2021 and the more recent Inflation Reduction Act (IRA) passed by Congress late last year, are poised to combat carbon emissions in Illinois tremendously. Both pieces of legislation target different aspects of the financial instruments for renewables, and when combined, result in strong returns for investors and system owners.
At the Federal level, the IRA has restored the Investment Tax Credit (ITC) for solar projects to 30% and has added Energy Storage Systems (ESS) to the mix at the same 30% level. There are also additional ITC adders available for certain regions identified as “Energy Communities”.
At the State level, CEJA continued and/or expanded the State’s Solar Renewable Energy Credit (SREC) program and the Smart Inverter Rebate, plus it added a rebate for storage systems as well. The Adjustable Block Program, or Illinois Shines, has new categories as well as new SREC price points. The Storage Rebate, at $250/kWh, recognizes the value storage assets can bring not only to the renewable space but also to grid stability and reliability.
Pairing solar and storage together can unleash additional benefits for behind-the-meter projects. Certain wholesale energy market mechanisms and electric bill savings can turn what was a capital-intensive renewable project into an investment in a company’s future by creating new income streams and curtailing operating expenditures in electricity.
Continental Energy Solutions (CES) is at the forefront of the PV+ESS market. The time of “pilot” projects in this space has come and gone. Fortune 500 companies are now working with CES to design and install large-scale solar, energy storage, and microgrid solutions to increase their facility’s electrical resiliency, meet their environmental impact goals, and do so with projects that provide excellent return on their investment.
Our experts can walk you through the best solar and storage solutions to reach your goals. Contact us at 630-637-2150 or info@cesnrg.com