This only applies to small system sizes of less than 10kW, as the RECs are paid upfront.
For both large and community solar projects, 20% of the REC price are paid upfront, with the remaining RECs paid over the subsequent 4-year period (payments are made quarterly over the next 16 quarters after the first 20% payment). This affects the financials of the project and hence cannot currently be modelled accurately.
For more on the Adjustable Block Program: Illinois Incentives and Regulations
- Create Size Based Incentive with Solar Size (kW) set as the incentive type (see here for info on how to set up an incentive)
- Calculate the value of the RECs in $/kW based off the REC price shown in the table on the right (price of the RECs depend on which block is currently active) using the following formula:
$/kW = ( Current Block Price of REC * 16.42% * 8760 [hr/year] * 15 [years] ) / 1000
Example : A non-community solar system was designed to be 5kW located in the geographical territory of Group A. Since the system size is less than 10kW, it falls under the small system size category. The current active block for the Adjustable Block Program is block 1. This means that for each RECs created by the system is $85.10.
Using the above formula, the $/kW for this incentive is: (85.10 * 0.1642 * 8760 * 15) / 1000 = $1836.11