Did you know that around 42% of all energy produced in the United States comes from renewable sources? Solar production has a huge part in that. With technology improving, many people are deciding to make the transition to solar power, which is no surprise.
But there’s one question that’s been on your mind. Can you afford Illinois solar? Well, maybe not the whole thing, but you want to transition from your current energy source to solar energy.
Don’t worry, we’re going to clear all of that up for you. In this article, we’ll go into more detail about solar and Illinois solar incentives, so keep on reading!
Solar Incentives in Illinois
Solar incentives in Illinois are designed to make it more affordable for homeowners and businesses to go solar. There are both state and federal incentives available, and they can cover up to 30% of the cost of a solar installation.
Federal Solar Tax Credit
The Federal Solar Tax Credit is a big reason why installing solar panels in Illinois is now a very affordable option. Solar system owners can also take advantage of the federal solar tax credit, which allows them to deduct 26% of the cost of their solar system from their federal taxes.
This incentive is set to decrease to 22% in 2023, so it is important to take advantage of it while you can. This is a huge incentive that is making solar power more and more affordable for homeowners and businesses in Illinois.
There are also many other solar incentives available in Illinois that make it a very attractive state for solar power. These include a property tax exemption for solar power systems, a sales tax exemption on solar equipment, and a solar Renewable Energy Credit that you can sell to your utility company.
Solar Renewable Energy Credits
The most popular solar incentive in Illinois is the Solar Renewable Energy Credit (SREC). The SREC is a credit that solar system owners can sell to utility companies to offset the cost of their solar system. Utility companies need to buy a certain amount of solar energy each year, and the SREC is one way to help them meet their obligations.
The credit is then applied to your utility bill for 12 months following the date of installation. The amount of the credit varies depending on the size of your solar system, but it can be as much as $1,000 per year. If you’re looking for a way to save money on your utility bills, the SREC is a great option.
Illinois Solar for All (ILSFA) Low-Income Community Solar Programs
The Illinois Solar for All program provides solar education and training, solar job opportunities, and solar access to low-income residents and communities across the state. The ILSFA Low-Income Community Solar Programs are a part of this initiative, and they provide low-income residents with the opportunity to take part in the solar industry, learn about solar technology, and enjoy solar energy savings.
Net-Metering Policy in Illinois
In 2002, the Illinois General Assembly passed legislation enabling net metering in the state. The law, which went into effect in 2003, requires electric utilities to offer net metering to customers who generate electricity using renewable energy sources.
Net metering allows customers to offset the cost of their electric bills by generating their electricity. Illinois’ net metering law has been successful in encouraging the growth of renewable energy in the state. As of December 2017, there were nearly 14,000 net metering customers in Illinois.
Illinois Solar Rebates
Solar rebates in Illinois are a great way to save money on your solar installation. The rebates are offered by the state of Illinois and are available to anyone who installs a solar photovoltaic system on their property.
The rebates are based on the size of the system and the property owner’s electricity usage. The rebates can be used to offset the cost of the solar installation or to purchase solar panels depending on your area.
How Solar Power Can Save You Money
Solar power can save you money on your energy bill, and it is a cleaner and more renewable source of energy than fossil fuels. Solar panels are also low maintenance, and they will continue to generate power for years to come. If you are looking for a way to save money and help the environment, solar power is a great option.
How to Finance Your Solar Panel Installation
If you’re looking to finance your solar panel installation, there are a few things you should keep in mind. Solar incentives include the solar investment tax credit, which allows you to claim 26% of the cost of your solar panel installation on your taxes. There are also several state and local solar incentives that can save you money on the cost of installation.
You can also finance your solar panel installation with a lease or power purchase agreement. Or, if you have the up-front cash, you can pay for your solar panel installation outright. When you’re financing your solar panel installation, be sure to ask about these solar incentives and how they can save you money.
How to Maximize Your Solar Incentives in Illinois
If you are a resident of Illinois and are considering going solar, there are a few things you should know to maximize your solar incentives. Illinois offers a very generous solar tax credit, which can cover up to 50% of the total cost of your system.
Moreover, if you are a business owner, you may also be eligible for the Business Energy Investment Tax Credit, which can cover up to 30% of the cost of your solar project. For more information on how to maximize your solar incentives in Illinois, be sure to speak with a solar professional.
Installing Illinois Solar Is More Affordable
If you’re thinking about Illinois solar, this guide is a great resource to understand the available incentives. Solar is a great way to save money on your energy bill, and with the right incentives, it can be a very affordable investment.
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