Sun Collectors can bring tremendous benefits to your farm or rural business with agricultural solar in Peoria County IL. Call 309-271-0764 for a free estimate.
You may wonder why you should consider a switch to agricultural solar in Peoria County IL. Solar power adds nutrients back to your crops, isn’t dangerous to livestock, and reduces greenhouse gas emissions. Plus, a recent scientific study found that solar power helped to double crop yields at half the cost of traditional energy sources. Furthermore, it reduced drought issues and heat stress on crops. In addition, solar energy usage on farms increased water efficiency and issues with carbon dioxide. Those interested in switching to renewable energy can also expect to see the following benefits:
Many prospective customers express concern about the upfront cost of converting to agricultural solar in Peoria County IL. However, Sun Collectors provides financing that makes getting a new solar array more accessible for all customers. In fact, our company provides $0 money down financing when you buy and install a new solar system. Consequently, you can help pay off your system with money it saves you on your energy bills. Most importantly, the money savings you experience will pay off the initial cost well before the solar panels will need to be replaced.
Usually, a solar system will produce energy at 80% of its rated capacity 30 years after it is installed. Thus, the utility savings provided during the lifespan of the system grows to a significant amount. For instance, a 10-kilowatt system produces approximately 12,500 kilowatt hours of electricity on an annual basis. At a 10-cent cost per kilowatt, this gives you a savings of $1,250 each year. If you pay off your solar system in 5 years, you will save $31,250 (30 years minus the 5-year payback period x $1,250). Contact us now if you would like more information on agricultural solar in Peoria County IL.
The payment you will receive is based on the production of your solar system. Therefore, arrays with a better solar profile will qualify to get an increased incentive amount. For system sizes of 10-kilowatt (kW) AC or smaller, the incentive is paid in one lump-sum distribution 9-12 months after system installation. Larger systems, over 10kW AC, are paid out quarterly during a five-year period. For more information on the Illinois SREC program, follow this link for The Illinois Shines Program.
Financial assistance is also available to those wanting to convert to agricultural solar in Peoria County IL. The USDA allows agricultural producers and rural small businesses to apply for a grant to help pay for a conversion to solar energy. This grant can cover up to 75% of the eligible project costs. To learn more about REAP grants, speak with a Sun Collectors representative to receive more information.
If you would like to switch to agricultural solar in Peoria County IL, you can also qualify for a depreciation deduction on income taxes. The depreciable basis is the system costs less than half of the standard 30% Federal Tax Credit. Also, for 2022, there is a bonus depreciation of 100% of the basis. Consequently, you can deduct the whole system cost in the first year. Agribusiness owners should consult with their preferred tax professionals for specific information.
Sun Collectors can answer all your questions and assist you with resources if you would like to convert to agricultural solar. 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. We are located at 4507 N Sterling Ave #400, Peoria, IL 61615.
