Thanks to new legislation in national, state, and local levels, there’s never been a better time to consider installing solar power for your home, farm, or business. In fact, it may just be to your advantage to make the switch. New Illinois solar power incentives in 2023 make installation an attractive benefit for Chicago, Quad Cities, Peoria and Bloomington residents. It’s also become more cost-effective than ever before to harness the power of the sun. Here are six reasons you should take advantage of these benefits in the new year.
Illinois is the first state in the Midwest to enact legislation to combat the climate crisis. In its 2021 Climate and Equitable Jobs Act, Illinois leaders outlined state plans to become a 100% clean energy state by 2050. To make this happen, the act extended the state’s energy efficiency programs, which were set to expire in 2023. More than $580 million per year has been allocated to help fund the transition to renewable power across Illinois. The goal is for 40% of Illinois to be using renewable energy by 2030, and 50% by 2040. Tax credits like the Illinois Shines Solar Renewable Energy Credit (SREC), rebates, and other incentives have increased significantly because of this legislation.
New legislation from the United States Congress helps provide incentives for solar power, too. A piece of the Inflation Reduction Act from August of 2022 ensures the United States government supports a clean energy economy and helps lower energy costs for its residents. The Solar Investment Tax Credit (ITC) is one of the features of this legislation. Originally designed to drop from 26% to 22% in 2023 before expiring in 2024, Congress has now extended this credit. Americans can now enjoy a 30% tax benefit on all solar projects — including residential and commercial properties — installed through 2032. That also includes the battery storage equipment that holds the power your solar panels create.
One outstanding benefit of solar power is the fact that it increases the value of your home. The U.S. Department of Energy reports that your home value can increase by $20 for every $1 you save in your utility bills over the year. They report that a $200 savings would increase the value of your home by $4,000. Furthermore, a Zillow study showed that homes with solar power increased home premiums by an average of over 4%. Even if you don’t plan on selling your home any time soon, you can rest assured knowing your investment is paying off long-term.
Global politics play heavily into what you pay to power your home, farm, or business. Inflation, war, and slowed economic growth all contribute to the rising costs of energy. For example, in 2022, the Russian invasion of Ukraine pushed natural gas prices to record highs. Sustainable energy sources like solar and wind remain independent from fossil fuel energy sources, which protects solar customers from those rising costs. Fortunately, the new solar benefits in 2023 can help you see savings as soon as installation is complete.
One of the other great benefits of solar panels is that it can protect your roof from damage caused by the elements. Solar panels are designed to absorb the sun, so they’re made to take a hard hit from the weather. Therefore, the heat, wind, and snow that can cause the most damage to your roof are hitting your solar panels instead of your roof. Solar panels are no maintenance, and they come with a 30-year warranty. Homeowner’s insurance also covers your solar panels. Fortunately, research shows that even hail can’t destroy a solar system. How’s that for peace of mind?
Thanks to the many incentives offered and new solar benefits for 2023, the initial investment for solar installation is often minimal. In fact, it may have no costs associated with it at all. At Sun Collectors, we can install solar power for your home, business, or farm for as little as $49 per month and zero dollars down. And because we are approved solar vendors, we know the ins and outs of the rebates and programs that are available to you. Our goal is to provide you with the highest savings possible on your solar installation.
With so many new solar benefits in 2023, there’s never been a better time to consider solar panel installation. You’ll help Illinois meet its sustainable energy goals while offsetting your carbon footprint. Plus, you’ll get incredible benefits in the meantime. If you’re ready to achieve energy independence and feel great about the impact you have on our world, contact The Sun Collectors today. Give us a call at 309-323-8260 to request a free quote today or to learn more about the benefits of solar power.
