Introduction

The landscape of solar energy is evolving, and with ComEd’s recent update, the opportunities for unlimited solar savings have never been more promising. Windfree Solar, a premier commercial and residential solar installer, is here to guide you through the myriad of benefits that come with this new development. This blog post will explain the various solar rebates and incentives available, and highlight how Windfree Solar can help you maximize these opportunities.

ComEd Removes 110% Cap from Net Metering Requirements

On February 16, 2022, for Community Solar, and March 1, 2022, for distributed generation, ComEd removed the 110% cap on net metering requirements. This means participants in ComEd’s customer net metering program can now net meter a distributed generation system or enroll in a community solar subscription without the previous limitation of 110% of their annual electric usage. This change opens the door for greater solar savings and adoptions for both residential and commercial customers.

What is Net Metering?

Net metering allows solar energy system owners to receive credits for the electricity their system generates. These credits can offset the electricity consumed from the grid, reducing utility bills significantly. With the removal of the 110% cap, customers can now generate more solar power and potentially achieve greater solar savings.

Solar Savings (Rebates & Incentives)

Rebates and incentives play a crucial role in making solar energy more accessible and affordable. These incentives come from various sources, including utilities, state governments, and the federal government, in the form of tax credits, property tax abatements, one-time rebates, or performance-based rebates.

Federal Solar Investment Tax Credit (ITC)

The solar investment tax credit (ITC) is a federal tax credit available to all homeowners and businesses. It covers 30% of expenditures on solar and/or battery storage, with no maximum limit on the value of the credit. For instance, if you spend $20,000 on a solar PV system, the credit is worth $6,000. This credit can be claimed on your federal tax return to reduce your tax liability.

It’s also worth noting that you need to have tax liability in order to use the credit. This can be tricky for retirees with limited taxable income. However, if you don’t have enough tax liability to use the full value of the credit in one year, it can be rolled into future tax years.

In August 2022, the Inflation Reduction Act increased the tax credit from 26% to 30% and extended it until 2032. It also renamed it the Residential Clean Energy Credit (although most people still call it the ITC or solar tax credit).

Solar Renewable Energy Certificates (SRECs)

SRECs are a way to earn additional income from your solar energy system. For every 1,000 kilowatt-hours (or one megawatt-hour) your solar setup generates, you get one SREC. These certificates can be sold to utility companies needing to meet their renewable energy standards, providing an additional revenue stream for solar PV system owners.

SREC Facts

1 SREC = 1 MWh of solar electricity

A 10 kW facility generates around 12 SRECs annually

SRECs are sold separately from the electricity

Value is determined by market supply and demand mechanics

Facilities must be certified by a state to sell SRECs

The SREC is sold separately from the electricity and represents the “solar” aspect of the electricity that was produced. The value of an SREC is determined by the market subject to supply and demand constraints. SRECs can be sold to electricity suppliers needing to meet their solar RPS requirement. The market is typically capped by a fine or solar alternative compliance payment (SACP) paid by any electricity suppliers for every SREC they fall short of the requirement.

Where are SRECs Available?

SRECs are not available in every state. Only states with a renewable portfolio standard and a specific solar carve-out have active SREC markets. Some of the states with such markets include:

States with SREC Markets

State and Utility Rebates

Various states and utilities offer rebates to promote solar savings and adoption. These rebates can significantly reduce the upfront cost of installing a solar PV system, making it more affordable for homeowners and businesses alike. For example, adding renewable energy systems can increase property value and provide utility independence.

Why Choose Windfree Solar?

Experience & Expertise

With over a decade in the solar installation business, Windfree Solar has the experience and expertise to handle any project, from small residential installations to large commercial projects. We understand the complexities of the development, permitting, and installation processes and are committed to providing exceptional service.

Detailed & Deliberate

At Windfree Solar, we pay close attention to detail. We work in teams to ensure multiple sets of eyes are on each phase of your project, mitigating the risk of mistakes and ensuring a high-quality final product.

Skillful & Technical

Our goal is to provide outstanding execution in delivering your solar PV system. We take your vision seriously and work diligently to bring it to reality, ensuring your system is something you can be proud of for the next 25+ years.

Our Services

Commercial Solar

Windfree Solar has managed commercial solar projects of every shape and size, helping clients take advantage of state and federal rebates, navigate system complexities, and achieve their sustainability goals.

Residential Solar

We specialize in residential solar installations, helping homeowners reduce monthly costs and their carbon footprint. Our team provides comprehensive services, from the initial sale to design, installation, and ongoing maintenance.

Energy Storage

In addition to solar installations, Windfree Solar offers battery storage solutions. These systems provide resiliency during blackouts and help you become more independent from the utility grid.

Unique Clients, Custom Projects

At Windfree Solar, we pride ourselves on completing challenging projects that many other solar companies cannot. We provide custom renewable energy solutions tailored to the unique needs of each client, ensuring a seamless and successful solar experience.

Grid Resiliency and Property Value

Solar energy systems, combined with batteries, provide resiliency during grid blackouts. Moreover, adding renewable energy systems can increase your property value by approximately $20 per $1 in utility savings, making solar a wise investment.

Utility Independence and Incentives

Going solar helps you hedge against rising utility costs and take advantage of impactful state and federal incentives. These solar savings and incentives make it easier than ever to adopt solar energy and enjoy its numerous benefits.

Develop, Design, & Install

As a full-service EPC, Windfree Solar handles the entire project process from start to finish. When you partner with us, you work with the same group of professionals throughout the project lifecycle, ensuring familiarity, trust, and thoroughness.

Supporting Sustainable Businesses

We are proud to help businesses of all sizes reach their sustainability goals and reduce their carbon footprint. Our team is dedicated to providing high-quality solar solutions that promote clean energy and a sustainable future.

Conclusion

The removal of the 110% cap on net metering requirements by ComEd is a game-changer for solar energy adoption. With the various rebates and incentives (solar savings) available, now is the perfect time to invest in solar energy. Windfree Solar is here to help you navigate these opportunities and provide you with a seamless and successful solar experience.

If you’re interested in learning more about how solar energy can benefit your home or business, contact Windfree Solar today. Our team of experts is ready to help you harness the power of the sun and achieve your energy goals. Let’s work together to create a sustainable future.