ILLINOIS INCENTIVES
Renewable Energy Tax Credits, Rebates, & Net Metering!
Illinois Solar Incentives, Rebates, & Tax Credits
Illinois offers a number of great incentives to residents who install solar panel systems for their home, farm, or business. These solar incentives are a major reason why there has already been over 465 megawatts (MW) of solar energy installed in Illinois.
Perhaps the most enticing solar incentive is the Illinois Solar Renewable Energy Credit (SREC) Program. Find up-to-date information on Illinois solar incentives and clean energy tax credits at the DSIRE program page for Illinois. (DSIRE is the Database of State Incentives for Renewables and Efficiency®.)
In addition to the design and installation of solar energy systems, there is a great deal of paperwork involved in getting your system ready for start-up. Our Client Services team manages this process so that you can sit back and relax. Learn more at MOXIE’s Get Started page.
Perhaps the most enticing solar incentive is the Illinois Solar Renewable Energy Credit (SREC) Program. Find up-to-date information on Illinois solar incentives and clean energy tax credits at the DSIRE program page for Illinois. (DSIRE is the Database of State Incentives for Renewables and Efficiency®.)
In addition to the design and installation of solar energy systems, there is a great deal of paperwork involved in getting your system ready for start-up. Our Client Services team manages this process so that you can sit back and relax. Learn more at MOXIE’s Get Started page.
INCENTIVES FOR GOING SOLAR IN ILLINOIS
Illinois Solar Rebates & Credits
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.
More Illinois Solar Incentives
Although Illinois does not currently offer a tax credit for installing solar, there are still a couple of tax incentives that are worth taking advantage of when you install solar in Illinois.
Solar Renewable Energy Credits (SRECs)
Illinois’ SREC Program is one of the most appealing reasons to install solar in Illinois. It 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 sell for monetary gain.
Solar Energy Property Tax Incentive
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.
Illinois Net Metering
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. Use those credits on days when your system produces less than what you need (can happen in wintertime some).
Commercial Rebates for ComEd Customers
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!
Federal Solar Tax Credit (ITC)
The Federal Solar Tax Credit is 26 percent for construction started before until Dec. 31, 2022.
Similar to other solar tax credits, with the ITC you can deduct 26% of the cost of your solar energy system from your federal taxes.
In 2023, the ITC drops to 22%.