Protocol

Every input that sets the REC value is on the Illinois Shines application. The creator uploads it; HELIO reads the size, capacity factor, utility group, adders and Part I / Part II quantities, the creator checks them, and the note is recorded with a SHA-256 fingerprint of the file. The $20/kW application fee is the only money at risk: if the note never fills, it's lost and lenders are refunded in full. If it fills, the creator gets 5x the fee in cash at takeout.

year-1 MWh = kW-AC × CF × 8,760 / 1,000
quantity   = floor(Σ 15 yrs, −0.5%/yr)  or lesser of Part I / Part II
$/REC      = 2026–27 DG table (Group A/B, AC size bin) + adders
contract   = quantity × $/REC
first pay  = 50% Small DG (≤25 kW AC) / 15% Large DG, at energization
collateral = 5% of contract, held by the program

Adders: customer-owned Small DG +$20/REC (no federal credit), Equity Eligible Contractor +$5/REC. Group A = Ameren / MISO; Group B = ComEd / PJM.

The Ameren rebates are fixed ($300/kW-DC and $300/kWh storage). The REC contract depends on production. At energization HELIO sells the remaining REC contract for 65% of face, so every dollar lands in one window. On a default 10 kW / 64 kWh Ameren roof: build $27,500, cash $34,316 (1.25x).

Coverage = (rebates + first REC − collateral + factored tail) ÷ build. The thinner the cushion, the riskier the loan and the higher the rate: 24% at 1.12x, falling linearly to 18% at 1.30x and above. Below 1.12x a roof can't be listed — that floor keeps lenders whole at 24% for the full 120 days with the creator's cash still covered. The APR is fixed at creation; every lender in the note earns it, from the day their deposit lands.

Early lenders earn more points: 2x per dollar when the note is empty, falling linearly to 1x when it's full. Points carry no cash value in this version. Before a note fills, lenders can withdraw for a 2.5% fee (1.5% to lenders who stay, 1.0% to the protocol) and give up points in proportion.

WATTS run in 90-day seasons with a fixed emission (Season 0: 100M). Pools: 55% completion (notes that repay), 20% capital (USDC × days × fill × hold), 15% origination, 7% installer, 3% referral. Exiting before fill earns 0.25x; holding to repayment 1x; rolling within 14 days 1.15x. See the WATTS page for live pool totals.

Lenders principal + interest → creator 5x cash → installer 7% of the factored proceeds → HELIO. Installers also earn $0.33/W at build plus $0.02/W for a one-day install. The 5% REC collateral is released to HELIO later.

1. S0Creator imports the Illinois Shines application, pays $20/kW
2. S1Filling at a fixed APR (18–24%, from REC coverage) · points 2x → 1x
3. S2Funded — 90–120 day lockup starts
4. S3Built — installer paid $0.33/W (+ $0.02/W day-one)
5. S4Permission to Operate, rebates filed
6. S5Takeout + REC tail factored at 65% — lenders repaid P+I
7. S65% REC collateral released — closed

• · Illinois Shines / Adjustable Block Program 2026–27 Program Guidebook and Final 2026–27 REC Prices.
• · 2026 REC Delivery Contract — Small DG 50% at energization, Large DG 15%, remainder ratably over 6 years; 5% collateral.
• · Ameren Illinois DG rebate tariff — $300/kW-DC, $300/kWh paired storage, ~60 days after PTO.
• · Factoring advance (65% of face) is HELIO's working assumption, not a quoted rate.

• · Taking the Ameren rebate moves the customer to supply + transmission-only net metering; storage is what gets the bill to 50%.
• · Devnet demonstration figures. Nothing here is an offer of securities or a guarantee of program payments.