Illinois Solar Panel Guide: Pricing, Incentives & Tax Credits For 2024 – Forbes Home – Forbes
There is no Illinois tax credit for solar panels, but there are state-administered incentives to support the development of new solar energy generation and help Illinois residents offset the costs.
Illinois Shines: Illinois is one of few states with a Solar Renewable Energy Credit (SREC) program to support the development of solar projects in the state. Homeowners get one SREC for every 1,000 kilowatt-hours produced by their solar panels. According to EcoWatch, “these credits can then be sold to local power companies that are subject to the state’s Renewable Portfolio Standard, which mandates they generate at least 25% of their power from clean sources by 2025.”
Also known as the Adjustable Block Program, which began in January of 2019, this program was so successful that it ran out of funding and was unable to accept new applications in 2021. However, following the Climate and Equitable Jobs Act in September 2021, it was reactivated and officially reopened in December 2021.
Illinois Solar for All (ILSFA): State incentives are available to help income-eligible homeowners, renters, nonprofits organizations and public facilities install solar panels with either affordable or zero upfront costs. Eligible participants partner with vetted ILSFA Approved Vendors to receive affordable solar installations and pay a reduced fee for the energy produced over time.
Solar Net Metering: Homeowners can receive utility credits to “cash in” excess energy generated by their solar systems that isn’t used within their home. It is required by law that local power companies give solar system owners full credit for all excess electricity generated that is exported to the power grid. This also benefits utility companies, which can supply the excess solar electricity to other buildings on the same grid.
ComEd Solar Rebate: Commonwealth Edison (ComEd), the largest electric company in Illinois, offers a rebate for nonresidential systems: $250 for each kilowatt of solar capacity up to 2,000 kW.
This post was originally published on 3rd party site mentioned in the title of this site
