Solar Company In Illinois
With a range of solar incentives guaranteed to appeal to the environmentally aware homeowner. Illinois is proven to be an excellent place for installing solar power, with a robust RPS and net metering regulation, as well as a property tax relief for solar customers.
You can save big in money if you are a property owner with solar installation in Illinois, there are renewable energy credits available, as well as several other municipal and statewide incentive schemes that can help you save money on your renewable energy system.
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Benefits Of Solar Installtion in Illinois by Smooth Solar Power
Solar for All in Illinois
The Illinois Solar for All initiative aims to make solar panels more accessible for low-income families. This project is open to households earning less than 80% of the local median income, as well as multifamily complexes that satisfy the following requirements:
- Multifamily structures with 2-4 units: At least two of the homes must have residents who earn less than 80% of the area’s median income.
- At least half of the inhabitants in multifamily structures with five or more residences must earn less than 80% of the local median income.
Households eligible for this Illinois solar incentive scheme will have solar panels installed at no cost to them up front, instead paying a monthly charge for the energy they produce over time. The maximum cost is 50% of the value of the energy generated, ensuring that individuals who qualify will save money on clean energy.
Tax Break for Solar Panels
Solar power systems in Illinois are eligible for a property tax exemption, which means you won’t be charged for the gain in house value once they’re installed.
For example, if you own a $250,000 property with solar panels and the assessed value rises to $280,000, you will still be taxed on a $250,000 home.
Solar Renewable Energy Credits in Illinois
Illinois is one of the few states that has a Solar Renewable Energy Credit (SREC) initiative, known as Illinois Shines. For every 1,000 kilowatt-hours generated by your solar panels, you will receive one SREC. These credits can subsequently be sold to local power providers who must generate at least 25% of their power from renewable sources by 2025 under the state’s Renewable Portfolio Standard.
SRECs allow you to save the cost of that electricity on your power bills while also receiving a bonus payment for every 1,000 kWh used. In Illinois, SRECs are right now exchanging at more than $70 per credit as of December 2021, and numerous homes create 1,000 kWh every month.
In Illinois, having a positive net metering regulation is critical since the value of the extra electricity generated by solar panels can be deducted from their power bills. If your solar panel system generates 1,000 kWh per month but you only need 600 kWh to power your house, you may send the remaining 400 kWh back to the central power grid and obtain a utility credit equal to the retail rate of energy in your region.
Net metering at the full kWh price is offered in Illinois for solar power systems with a capacity of up to 40 kW, which covers the great majority of residential installations. If you don’t use all of your credits each month, they can be carried over to future power bills. The amount is reset once a year, and you have the option of selecting one of two annual periods: May to April or November to October.
Other Incentives Available In The Area
As previously stated, your local government or utility company may give further incentives. We recommend that you conduct some study before installing a solar power system to see if there are any perks available in your area.
Solar Oriented Tax Credits at the Federal Level
Solar panels are not eligible for a tax credit in Illinois. The federal solar tax credit, on the other hand, is still available in all states, and you may recover up to 26% of your equipment and installation costs for systems installed by the end of 2022. If you miss out, you still have until 2023 to claim a 22 percent tax credit. Unless Congress votes to prolong the programme, solar power installations owned by companies will only be eligible for a 10% tax credit starting in 2024.
Is It Value For Money To Install Solar Panels In Illinois?
Getting solar panels on your Illinois roof is a wonderful idea since you’ll save money over time while also helping the environment! Installing solar panels can lower your monthly power bill, as previously calculated!
If you’ve been thinking about installing solar panels, now is the time to do so. Solar panels have become increasingly affordable in recent years, and this trend will continue as more people transition away from fossil fuels. You might be able to take advantage of some amazing incentives available in Illinois.
If you reside in Illinois, you should familiarize yourself with the state’s renewable energy legislation. It could be a terrific method for you and your family to save some money on your bills.
And when you’re ready, the Smooth Solar staff is here to help. We give free solar consultations as well as cost estimates that include installation costs, equipment, financing alternatives, and federal tax incentives. We’re pleased to answer any questions you may have, so get in touch with us right away!
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