According to statistics from the SEIA, Illinois ranked 17th in the United States for solar installations at the end of 2021. With 198 days of sunshine annually, the state has abundant potential to soar even further up the ranks.
The Illinois solar industry employs over 5,000 people and powers just under 1% of homes in the state. You can help boost these numbers by switching to solar in Illinois.
Fortunately, there are several attractive Illinois solar incentives to help you achieve this. Keep reading to discover them all.
Federal ITC Enhances Solar Programs in Illinois
All U.S. citizens can enjoy the benefits of solar energy thanks to the federal ITC. This incentive allows you to deduct 26% of the cost of your solar installation from your annual income tax in 2022.
This benefit decreases to 22% next year and disappears in 2024. Illinois doesn’t offer any additional tax credits on solar installations, but there are some local and statewide incentive programs to help you save on solar.
Illinois Solar Incentives With Illinois Shines
Also known as the Adjustable Block Program, Illinois Shines awards one SREC (Solar Renewable Energy Credit) for every 1,000 kWh produced by your solar panels.
You can sell these SRECs to power companies that need them to comply with the state’s Renewable Portfolio Standards. This standard dictates that power companies must generate 25% or more of their power from renewable sources by 2025.
As they transition to clean energy, these power companies must buy SRECs to supplement their shortfall according to annual targets.
Bear in mind that you’ll already save the value of 1,000 kWh on your power bill. SRECs currently trade at around $70 each.
The Illinois Power Agency sets the value of SRECs.
Property Tax Savings in Illinois
One of the benefits of switching to solar is an increase in the value of your home. Usually, this comes with a corresponding hike in your property taxes.
In Illinois, homeowners don’t pay the extra tax associated with the value a solar installation adds to your home.
Power Company Solar Incentives in Illinois
Thanks to Illinois’ Renewable Energy Standards, power companies are eager for homeowners to stay connected to the grid when they install solar. This allows you to feed excess electricity created by your solar panels back to the power company.
In return, they must give you a credit on your power bill to the value of the kWh you export to the grid.
ComEd, Illinois’s main power provider, offers a $250 rebate for each kilowatt of solar capacity you install. Other power companies, like Blue Raven Solar, offer excellent solar discounts from time to time, too.
Affordable Solar Installations in Illinois
In Illinois, qualifying households can install solar panels at home with zero upfront costs. You don’t get the benefit of a credit on your energy bill when you opt for this incentive, but you will help the environment.
Take Advantage of Illinois Solar Incentives in 2022
These Illinois solar incentives won’t last forever, so it’s important to consider your solar installation options as soon as possible if you want to benefit.
Solar power is an excellent way to save on energy costs, contribute to a healthier environment, and increase the value of your home. Browse our website to discover more ways technology can enhance your life.