About Illinois’ Financial Incentives for Solar Energy
Illinois has higher than average electricity costs—and more ambitious than average sustainability goals. The state cannot reach these goals without more renewable energy—or without energy storage.
Because of Illinois’ commitment to the clean energy transition, it developed a financial incentive to support the development of on-site renewable energy.
Illinois’ Climate and Equitable Jobs Act commits the state to reaching 40% renewable energy by 2030 and 50% renewables by 2040. Recently, Illinois became the first state in the Midwest to set a goal to reach 100% renewable energy by 2050.
Illinois Shines is a state-administered incentive program supporting the development of new solar energy generation. It is the state’s “Adjustable Block Program,” which is managed by the Illinois Power Agency.
To participate, businesses host a new solar photovoltaic (PV) system on their property, directly offsetting their energy usage. The program provides payments in exchange for 15 years of Renewable Energy Credits (“RECs”) from the customer’s utility, which is required to buy the RECs.
In addition to the RECs, Illinois provides an upfront rebate of $250/kW for solar.
The Benefits of On-Site Solar PV to Ameren Customers
On-site solar energy is gaining popularity with energy-intensive businesses in Ameren service territory because of the financial incentives that are available.
In fact, the 2023-2024 Illinois Shines program year was oversubscribed for Ameren customers—a testament to its popularity and the value that these incentives can deliver to businesses.
The benefits to businesses include significant cost savings: businesses like yours can expect to save millions of dollars on electricity with on-site solar, the value of which is boosted by state and federal incentives.
In addition to lowering electricity costs—on-site solar energy can help mitigate against fluctuations in energy prices that your business may experience—and stabilize future costs.
Last but not least, solar energy supports many businesses' corporate social responsibility goals by allowing you to rely on a greener energy mix.
The result: Illinois Shines is a very popular program!
How to Get Started on Your On-Site Solar PV System (and Your Cost Savings)
To qualify for the program, businesses need interconnection approval and completed permitting, which can take three to nine months. These filings require a partner, also known as an Approved Vendor. In other words, to guarantee participation, the first (and time-sensitive) step is to select an Approved Vendor.
Convergent Energy and Power (Convergent) is an Illinois Shines Approved Vendor that is ready to partner with your business.
Convergent, a leading developer of on-site renewables in North America, was founded more than a decade ago. Throughout that time, we’ve worked closely with businesses to take the hassle out of on-site renewables by building, owning, and operating systems on their behalf. We’ve lowered our customers’ energy bills up to 40%. The more you spend on your energy bill, the more you can save with solar PV.
The best part: there’s no capital required from your business. The shared-savings contract Convergent offers means we share in the upside and only make money if our customers do.
Our tagline is “Powered by Results.” We have delivered millions in savings to our industrial customers while enabling them to access cleaner, more reliable power. This opportunity is a win for all involved, including our planet.
If you’re ready to support Illinois’ or corporate renewable energy goals—and save money doing it—schedule a free, no-obligation introductory call with our team today.