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Illinois Power Agency Proposes $30 Million Annual Funding for Low Income Solar Program

The Illinois Power Agency on Nov. 26 unveiled a final supplemental funding plan for the “Illinois Solar for All Program” established under the 2016 Future Energy Jobs Act which modernized the state’s renewable portfolio standard to ensure long-term funding sources for purchasing renewable resources. The program is intended to encourage the development of new distributed solar and community solar projects benefitting low-income residents and communities. The initiative is mainly funded from the renewable energy resources fund and the annual allocation from the renewable resources budget collected by the state’s three electric utilities from retail customers. The law provides for potential additional allocation from the utility-collected fund as a supplemental source and tasked the agency with determining the possible designation of unspent funds. The plan proposes an annual budget of about $30 million for the first three program years – $20 million from the renewable energy resources fund and $10 million from the utility-collected fund. The agency provides a mechanism to calculate the supplemental amount – half the annual unspent funds further reduced if it exceeds a “funding shortfall,” which is the difference between $200 million and the amount appropriated to the fund for a fourteen month period.

November 26, 2018
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