Solar Energy Incentives Illinois

Of the released funds half are set aside for pv systems less than 25 kilowatts in nameplate capacity such as residential rooftop systems.

Solar energy incentives illinois. Not only does the state of illinois want to help you go solar the federal government does too. Solar renewable energy credit srec residential. Private utility companies will give you back 25 of the project cost and then you will be able to apply the 30 federal tax credit on the solar pv system price after the rebate. The law requires a significant portion of that energy come from residential solar.

For your system the value is 7 1 cents kwh produced which is paid in year one. The state of illinois offers a 25 rebate to help illinois residents and business owners pay the costs of installing solar energy products in their homes. That s a decent but not spectacular number but it means that the big utilities have an extra incentive to purchase generation from smart homeowners like you who produce their own power from solar panels. Another great illinois incentive.

Please note this is an incentive which is subject to tax. Payments vary depending on the size of the system and where it is located. There are two primary sources of funding for solar systems state and federal governments. Learn about solar incentives in il.

The investment tax credit. In june 2014 illinois enacted h b. Adjustable block program to support the development of photovoltaic distributed generation and community solar projects. 2427 which released 30 million in the renewable energy resources fund to the illinois power agency for the purchase of photovoltaic pv power through a supplemental procurement process.

To achieve this goal illinois s largest utilities must make incentive payments to homeowners who invest in solar. In addition to the policies mentioned above you can reduce the cost of your solar energy system by 26 percent with the federal investment tax credit itc. Rec s are a state incentive whose value is equal to the solar energy you produce over 15 years times the price set by the illinois power agency for rec s. It enables the sale of recs produced by solarsystems to illinois utilities.

Illinois solar for all program to support the development of solar energy in traditionally underserved populations. Solar investment tax credit a federal program to support the development of pv systems. The illinois adjustable block program is an incentive program that supports the development of new solar systems in illinois through the purchase of renewable energy credits or recs. Illinois solar incentives illinois has a law requiring its utilities to source 25 of their energy from renewable sources by 2025.

Learn more about solar carve outs. Learn more about why solar panels are such a great investment in illinois. Illinois mandates that 6 of its rps 1 5 of total electricity come from solar power.