The state of Illinois offers a number of great incentives to residents who install solar panel systems for their home, farm, or business. These incentives are a major reason why there has already been over 275 megawatts (MW) of solar energy installed in Illinois.
Perhaps the most enticing solar incentive is the Illinois Solar Renewable Energy Credit (SREC) Program. Below you will find all the top incentives for going solar in the Land of Lincoln including net metering, solar rebates, and property tax breaks.
Illinois is committed to the switch to renewable energy production. In fact, the Illinois renewable portfolio standard (RPS) outlines the plan for reaching 25% renewable energy production by 2025. To help the people of Illinois make this important transition, the state offers some aggressive incentives that all make the cost of solar in Illinois more affordable.
Although the Land of Lincoln does not currently offer a tax credit for installing solar, there are still a couple of tax incentives that are worth taking advantage of if you install solar in Illinois.
Illinois’ SREC Program is perhaps the most appealing reason to install solar in Illinois. It actually provides system owners with the ability to earn money for the extra energy their panels produce. Every megawatt hour (MWh) of renewable electricity your system sends to the main utility grid is converted into a credit that you can then sell for monetary gain.
Illinois’ Special Assessment for Solar Energy Systems ensures that any new solar energy system installed in Illinois is exempt from being part of a property tax assessment. Certainly, we know installing solar increases property value and this law allows you to realize all the upside of solar energy, without ever paying for it in property tax increases.
Under the Illinois net metering policy, utility companies in Illinois will credit you with any excess energy your system produces. This policy can help you “zero-out” your average annual energy costs. Net metering allows you to earn credits on your electric bill on days when your system produces more energy than you use. You can then use those credits on days when your system produces less than what you need (can happen in wintertime some).
If you’re a commercial customer of ComEd Utility, you could be eligible for commercial and industrial rebates that will make the cost of installing solar much cheaper right off the bat. Commercial solar panel systems up to 2,000 kilowatt (kW) total capacity are eligible for a $250 rebate per each kW. That’s a whopping $25,000 rebate for a 100 kW system!
MOXIE is one of the largest solar installation companies in the country. We’ll work with you to create a complete solar system that is affordable, sustainable and dependable.