It’s likely you’ve been hearing new news about solar power from the State of Illinois as well as the federal government. There’s good reason for this. As of 2023, it’s never been more advantageous to make a switch to solar power. New solar benefits are available as the national government works to reduce inflation and Illinois works toward becoming a 100 percent clean energy state by 2050. If you’re thinking about solar, the following Illinois solar incentives and rebates are the ones you should know.
The United States Congress passed new incentives for solar power in the Inflation Reduction Act from August of 2022. As the U.S. government began looking for ways to support a clean energy economy and lower energy costs for its residents, it passed the Solar Investment Tax Credit (ITC). The IRS credits the costs to your tax bill when you file taxes the year you install a solar system. While the ITC has been an option for solar customers for years, the government planned to drop the credit from 26 percent to 22 percent in 2023 before expiring in 2024. Today, Congress has extended this credit, returning it to a 30 percent tax benefit on all solar projects installed through 2032. You can also use this credit for the battery storage equipment that stores the power your panels generate. Illinois residents receive an average of $6,143 with this benefit.
The Illinois Shines Solar Renewable Energy Credit (SREC) is a great resource developed by the State of Illinois. This program provides credits for the solar power your system produces during the first 15 years you own it. The great news is you can sell these credits for a profit. It’s important to know that the credits you receive depends on many variables. Those variables include the size of your system and how much energy your system produces. This is one of the most beneficial Illinois solar incentives and rebate programs.
The Illinois Solar for All program is designed to provide greater access to the renewable energy economy. It allows low-income solar customers, as well as non-profits and public facilities, a low-cost payment plan to make solar an option. This program is a one-time benefit that goes into effect when you register for the program and install your solar system. The benefit varies based on the size of the system you install, as well as your average monthly bill.
As soon as you have solar installed on your land, you may qualify for the Illinois Solar Property Tax Exemption. This benefit waives the taxes on your property for the value that your solar system adds to your home. The great news about this benefit is this: as property taxes increase due to rising real estate costs, this exemption prevents your property taxes from increasing significantly. Yet you can rest assured that your home value also increases thanks to solar panels. Keep in mind this benefit varies based on the size of your system, the costs of installation, and the property tax rate in your community.
Illinois’ Net Metering program gives solar users an outstanding benefit. The state offers credits to solar users whose systems produce excess energy, which is used to pay future bills. The great news it’s ongoing, so you’ll get credits any time you send your excess energy to the electric grid. In addition, the cost benefit varies based upon your monthly utility bills and how much solar energy your system produces. Just keep wishing for those sunny days to make the most of this benefit.
In addition to Illinois solar incentives and rebate programs, your local utility company and maybe even your home community may offer additional solar benefits for installing a solar array. Many of these perks are one-time benefits that are designed to offset the cost involved in your solar purchase. These benefits may vary, so be sure to check with your local municipality and your utility provider to learn about what options may be available to you.
As you explore these new solar benefits for 2023, keep in mind that the time has never been better to install this system. Not only will you’ll help Illinois meet its sustainable energy goals, but you’ll also be offsetting your carbon footprint. If you’re ready to achieve energy independence and feel great while doing it, contact The Sun Collectors today. Our programs will help you install solar power for your home, business, or farm for as little as $49 per month and zero dollars down. In addition, as approved solar vendors, we will guide you through the Illinois solar incentives and rebate programs that are available to you. Call us today at 309-323-8260 to request a free quote.
