Converting to solar energy is already a good decision — the guarantee of money back only sweetens the deal. The Land of Lincoln is the land of solar rebates. Around the state, people are discovering how converting their home, office, or agricultural operation pays long-term dividends. Wouldn’t you like to know what benefits are available to you?
Save Big with Solar
According to experts, businesses and residents that go solar may get anywhere from 30-40% of the installation cost paid off by state of Illinois incentives alone. With federal credits, that rate could increase up to 80% of the cost. Depending on the size and cost of an installation, you could potentially receive up to $19,200 in state and federal incentives toward your brand-new solar panels.
So, what do these incentive programs entail? Check out this comprehensive list of credits and rebates available to Illinois residents courtesy of Today’s Homeowner and learn how each can help maximize your bottom line.
- Federal Solar Investment Tax Credit — This one-time, 30% tax credit that may be claimed on federal income tax returns. Installations must be completed during the tax year to be eligible.
- Illinois Shines Program — This ongoing program pays businesses tax credits relative to the amount of solar energy produced. Businesses may earn credits that can be sold for the first 15 years, averaging around $900 in earnings per year.
- Illinois Solar for All Program — A one-time program, Illinois Solar for All provides a financing plan upon the purchase of solar panels for homeowners, renters, and property owners.
- Net Metering — Net metering allows homeowners and businesses to supplement their energy consumption with solar energy, ultimately lowering their utility costs. Eligible customers will also be compensated for excess energy generated.
- Property Tax Exemption — Depending on your place of residence, residents and businesses may receive lower property tax rates based on the type of solar installation.
- Local Incentives — Some municipalities and counties may also include various benefits for solar installations, including tax incentives and rebates.
Want to take advantage of these tax incentives? We can help — switch to solar and save on your energy costs! Email David Knight or call 309-444-0982 today!