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Tesla's IL Adjustable Block Buyout Alternative
- Thread starter no more CO2
- Start date
charlesj
Active Member
Out of curiosity, was looking at SRECTrade to see how it works in Illinois since that is what I use in MD. It's not clear they work directly with customers in IL - I wonder if the market is new enough (and possibly busy enough) that companies have not started trying to reach out to individuals. That said, I did find a list of approved vendors: Find an Approved Vendor – IL Adjustable Block Program
One of the types in the list is "SREC Broker/Aggregator", which would seem like the companies that might actually take your business if they work direct with customers (as opposed to supporting installers, which seems like what many may do.) Interestingly, SRECTrade is listed as an SREC Broker/Aggregator in that list.
Even if you do end up dealing with Tesla, probably worth asking about modifying the contract language to reflect 15 years. No guarantee they will change it (they like to talk in terms of standard clauses that they can't change) but it seems like the IL situation is pretty unique and Tesla needs a clause different from its standard opt-in and opt-out of RECs clauses.
One of the types in the list is "SREC Broker/Aggregator", which would seem like the companies that might actually take your business if they work direct with customers (as opposed to supporting installers, which seems like what many may do.) Interestingly, SRECTrade is listed as an SREC Broker/Aggregator in that list.
Even if you do end up dealing with Tesla, probably worth asking about modifying the contract language to reflect 15 years. No guarantee they will change it (they like to talk in terms of standard clauses that they can't change) but it seems like the IL situation is pretty unique and Tesla needs a clause different from its standard opt-in and opt-out of RECs clauses.
ChicagoSox
Member
im in the same boat as you both but have lived in Illinois my whole life so im taking the Tesla buyout of the credits because i feel that some legislature will eventually ruin the program and it wont take 15 years if the state files for bankruptcy.
Stumbled upon this thread via search.
I've recently received my invoice from Tesla (unpaid as I await resolution of punch list items) and a new request to approve my system design.
In My system design, the IL Adjustable Block Program credit is included as a lump sum (as expected).
In My invoice, though, the amount of the credit is not listed (unexpected).
Two questions, then, following up on the information in this thread:
1) Is the Adjustable Block Program a clawback credit (meaning I have to pay Tesla in full and they'll refund me the amount of the credit when IL pays them)? Or should this amount be part of my invoice, lowering my payment by the full amount? If it's the former, how long have you waited to receive the check from Tesla for the amount of the credit after paying your invoice?
2) Has there been any update from anyone in IL regarding potentially having the clause changed to reference 15 years (at which time the SREC reverts to the owner)?
As ChicagoSox indicated, I'm perfectly content to take the buyout now (especially if my invoice is adjusted by the amount of the credit, as I don't relish chasing Tesla down for a check X months down the line). IL is just not set up to do the right thing for the consumer, so I'll take cash in hand 9 times out of 10 when it comes to the state. But, I also believe that my SREC will decrease in value over time as solar becomes more pervasive. If I take my credit year-over-year, I think I lose out well before year 15. Perhaps I'm missing something, though, so I'll ask a third question:
3) Is it possible for me to sell my SRECs "in full" to someone on the approved vendor list? Has anyone done this, and if so, did you receive more from an approved SREC vendor than what was offered by Tesla?
Thanks for your thoughts.
I've recently received my invoice from Tesla (unpaid as I await resolution of punch list items) and a new request to approve my system design.
In My system design, the IL Adjustable Block Program credit is included as a lump sum (as expected).
In My invoice, though, the amount of the credit is not listed (unexpected).
Two questions, then, following up on the information in this thread:
1) Is the Adjustable Block Program a clawback credit (meaning I have to pay Tesla in full and they'll refund me the amount of the credit when IL pays them)? Or should this amount be part of my invoice, lowering my payment by the full amount? If it's the former, how long have you waited to receive the check from Tesla for the amount of the credit after paying your invoice?
2) Has there been any update from anyone in IL regarding potentially having the clause changed to reference 15 years (at which time the SREC reverts to the owner)?
As ChicagoSox indicated, I'm perfectly content to take the buyout now (especially if my invoice is adjusted by the amount of the credit, as I don't relish chasing Tesla down for a check X months down the line). IL is just not set up to do the right thing for the consumer, so I'll take cash in hand 9 times out of 10 when it comes to the state. But, I also believe that my SREC will decrease in value over time as solar becomes more pervasive. If I take my credit year-over-year, I think I lose out well before year 15. Perhaps I'm missing something, though, so I'll ask a third question:
3) Is it possible for me to sell my SRECs "in full" to someone on the approved vendor list? Has anyone done this, and if so, did you receive more from an approved SREC vendor than what was offered by Tesla?
Thanks for your thoughts.
I can really use some advice on this, as Tesla just contacted me and told me that the IL Adjustable Block Program comes to me as a State Income Tax Credit, which I don't believe is accurate (although I welcome being corrected on this).
The Tesla statement differs from this text found on the IllinoisShines website (red text stress is mine):
How does the Illinois adjustable block program work?
The Program provides payments in exchange for 15 years of Renewable Energy Credits (“RECs”) from a utility contracted to buy the RECs from your Approved Vendor. These payments to your Approved Vendor will help offset the cost of your new PV system or your community solar subscription.
This is too big of a thing for me to screw up. I am aware that Tesla IS an approved vendor in the Illinois Power Agency grid. Illinois Tesla clients, can you confirm/correct/advise how this should be managed?
The Tesla statement differs from this text found on the IllinoisShines website (red text stress is mine):
How does the Illinois adjustable block program work?
The Program provides payments in exchange for 15 years of Renewable Energy Credits (“RECs”) from a utility contracted to buy the RECs from your Approved Vendor. These payments to your Approved Vendor will help offset the cost of your new PV system or your community solar subscription.
This is too big of a thing for me to screw up. I am aware that Tesla IS an approved vendor in the Illinois Power Agency grid. Illinois Tesla clients, can you confirm/correct/advise how this should be managed?
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