Standard Solar Inc., a leading solar energy company specializing in the development and financing of solar electric systems nationwide, has expanded with a new office located in downtown Chicago. The new solar project financing office supports the increasing need for turnkey solar financing in the Midwest and the demand expected as a result of the Illinois Power Agency’s Adjustable Block Program (ABP).
The new office builds upon Standard Solar’s expansion into more than six new states in 2018, including Minnesota, Colorado, California and Michigan.
Opportunity in Illinois
The ABP is an Illinois state-administered incentive program for new solar photovoltaic (PV) systems. It provides payments in exchange for 15 years of renewable energy credits (RECs) generated by new residential and small- to medium-sized commercial solar PV systems. These payments, made by Illinois utilities, vary depending on the size of the system and where it is located. Incentives are being made available through the Future Energy Jobs Act legislation that passed in late 2016 and went into effect June 1, 2017.
“The ABP has received an overwhelming response demonstrating Illinois’ growing demand for renewable energy,” explained Harry Benson, Director of Business Development for Standard Solar. “Our new Chicago office will provide quick and convenient project financing support for 500 kw and larger commercial and industrial or community solar projects in this rapidly expanding program.”
The State of Illinois specifically, and the Midwest more generally, is fully embracing the potential of Distributed Generation (DG) solar. Illinois’ immediate goal is to be delivering one million megawatt hours of DG solar RECs per year by 2020. Beyond 2020, the Illinois Commerce Commission will be required to update its plan for future RECs.
— Solar Builder magazine