With the third and final round of the Illinois Supplemental Photovoltaic (SPV) Procurement Program under way, stakeholders are pondering what lies ahead for Solar Renewable Energy Credits (SRECs) in the State of Illinois. The bid for the Spring 2016 SPV Procurement Program (Round 3) will take place on March 31, 2016. The Illinois Commerce Commission (ICC) will issue its final decision on the results of the Procurement on or before April 6, 2016, when we will learn whether the Illinois Power Agency (IPA) spent the entire $15 million allocated for the final round. SRECTrade will publish another blog post with the results of the third round shortly after the ICC releases its decision.
For the Illinois SPV Procurement Program, the State appropriated $30 million of the Renewable Energy Resources Fund (RERF) to procure SRECs from solar photovoltaic (PV) systems energized on or after January 21, 2015. The $30 million budget was divided between the three procurement program rounds, with $5 million allocated for the first round, $10 million allocated for the second round, and $15 million allocated for the third round. The funds appropriated for each of the first two rounds were fully expended by the IPA.
What will happen next for Illinois remains indefinite. If the IPA awards $15 million worth of contracts in the final round, it is uncertain whether there will be a need for a fourth contingency event to take place in Spring 2017. Once the SPV Procurement Program comes to a close, the future of Illinois SRECs will once again destabilize. Although there is potential that solar PV facility owners could participate in other statewide Procurements, there is no long-term certainty for in-state SREC sales, as was made available by the SPV Program. Even more uncertain is whether the Illinois General Assembly will take up any energy bills this year to institute long-term solutions, either before or after the budget for FY2016 is adopted.
SRECTrade encourages PV facility owners in the ComEd utility service territory to apply for the Pennsylvania SREC market. Solar PV facility owners and installers may submit an online application to sell their SRECs in Pennsylvania by creating an SRECTrade account on our home page, and submitting an application for a new facility.
If you have any questions about the SPV Program, you can view our introduction webinar and slides online here. You can also email us at email@example.com, or call us at (415) 763-7732 ext 1. SRECTrade is also happy to address inquiries pertaining to our online application and the Pennsylvania SREC Market for Illinois facility owners and installers.