Sun Collectors can guide your farm or rural business through the process of converting to agricultural solar in Knox County IL. You may not be familiar with all the great benefits you could experience with a switch to sustainable energy.
Did you know that solar energy helps your crops by adding nutrients? Plus, solar panels do not endanger livestock. They also cut down on greenhouse gas emissions from your farm. Furthermore, a recent scientific study indicated solar energy helps to double crop yields at a fraction of the cost of electricity. In addition, solar power reduces drought issues and the heat stress toll to crops. Plus, solar energy usage on farms increased water efficiency. A conversion to renewable energy can also offer your farm the following benefits:
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You can get paid the production of energy from your solar system. Consequently, solar systems with a better solar profile will qualify to get a larger incentive payment. For system sizes of 10-kilowatt (kW) AC or smaller, a lump-sum distribution incentive gets paid 9-12 months after solar panel installation. Larger systems, over 10kW AC, get paid out each quarter over five years. For more information on the Illinois SREC program, follow this link for The Illinois Shines Program.
Farmers and rural businesses get the unique opportunity to invest in sustainable energy with large rural spaces they can use for wind turbines or solar panels. To help offset the cost of conversion, the USDA makes grants and loan guarantees available for upgrades that enhance energy efficiency. However, the REAP assistances does come with the following limitations:
Eligibility for this program covers numerous criteria, which can be found on the USDA website.
The MACRS tax incentive allows farmers and rural businesses to use tax incentives to deduct costs for agricultural solar in Knox County IL. Farmers can write off 85 percent of the new solar panels equipment they install over a five-year period. For more information about MACRS, visit the Solar Energy Industries Association website. Make sure to also consult with your accountant. They can advise you on how to best use available tax incentives to benefit your farm or rural business.
Typically, solar panels produce energy at 80% of rated capacity for up to 30 years after installation. Consequently, the savings on energy costs provided during the lifespan of the solar system adds up to a significant amount. For example, a 10-kilowatt system produces approximately 12,500 kilowatt hours of electricity each year. With a 10-cent cost per kilowatt, you would receive a savings of $1,250 annually. If you pay off your solar panels in 5 years, you will save $31,250 (30 years minus the 5-year payback period x $1,250). Contact us now for more information on agricultural solar in Knox County IL.
If you would like to convert to agricultural solar in Knox County IL, Sun Collectors can guide you through the conversion process. In addition, we also specialize in residential and commercial solar panels. Contact us online to schedule a free consultation or give our office a call at 309-271-0764.
