Solar Tax Credit Peoria IL

Obtain Solar Energy Through the Solar Tax Credit in Peoria IL

Admittedly, solar energy production hasn’t been the most obtainable goal in previous years. Between steep installation fees and large and unwieldy systems, this renewable energy source wasn’t setting the world on fire. Conversely, there’s never been a better time to invest in solar in the present day. And through the Federal Solar Tax Credit, Peoria IL residents can more easily access the incredible benefits of solar power. Talk with the Sun Collectors to discuss installation options for new solar panels.

What is the Federal Solar Tax Credit?

One of the best current incentives for those investing in solar energy is the Federal Solar Tax Credit. Through this tax credit, households and businesses can claim a portion of new solar panel installation costs on their yearly tax return. If applying for this credit before the end of 2022, you can deduct up to 30% of the installation cost in your federal tax filing. However, after 2022, this incentive will reduce to only covering 22%.

Other Solar Incentives

Besides the solar tax credit, Peoria IL residents can also take advantage of additional solar incentives. Such incentives include:

• Solar Renewable Energy Credits (SRECs) – You can make money from excess electricity if you produce more solar energy than you use. Through Illinois’ SREC Program, solar system owners can claim monetary credits for every megawatt-hour (MWh) of renewable energy you send back to the utility grid.
• Net Metering – Illinois’ net metering program is similar to the SREC Program. However, instead of exchanging extra energy for credits, you can have your energy bill reduced. In some cases, your solar energy production can completely zero out future energy bills.
• Property Tax Incentive – Illinois’ Special Assessment for Solar Energy Systems looks to reduce what you pay in property taxes if you have solar panels. In doing so, when installing a new solar system, it is exempt from being part of a property tax assessment.

The Sun Collectors’ Solar Incentive

To further incentivize those wishing to switch to solar, the Sun Collectors looks to assist with installing your new solar panels. Through our $0 down financing, you don’t have to pay extra upfront costs or initial installation fees. Instead, we work with customers to develop a manageable monthly payment plan. Depending on the cost of your solar panels, monthly costs can go to as low as $49 per month.

Call Today

The Federal Solar Tax Credit in Peoria IL is easily obtainable! Talk with the Sun Collectors today to start the process of receiving a solar tax credit yourself. You can contact us today at 309-323-8260 to request a quote. Also, we are located at 4507 N Sterling Ave, Ste 400, Peoria, IL 61615.