There are a number of solar incentives in Illinois available for homeowners who want to lock in a lower power rate for their home. The Federal Tax Credit offers a 30% tax credit for solar installations, and the Illinois Shines Incentive can provide up to $15,000 in rebates for homeowners who go solar. And as an added bonus, ComEd Net Metering allows homeowners to sell back any excess energy they generate to the utility company. Taken together, these incentives make solar installation more affordable than ever before, can save homeowners a significant amount of money on their energy costs and lock in the homes cost of power for 25+ years.
However, these incentives will not last forever. In order to advance the transition to renewable energy and meet quotas these incentives were put in place by ComEd and the state and federal governments. It is likely the ComEd Net Metering program will be the first to head to the chopping block (see Illinois Public Act 99-0906 and Illinois Public Act 102-0662) followed by the Illinois Shines Block Program and lastly the Federal Tax Credit for Solar in 2035.
Homeowners that want energy independence should not wait for these programs to expire and the cost of electricity to increase, go solar today and have peace of mind looking towards the future.
What is ComEd Net Metering and how does it work
ComEd Net Metering is a program that allows homeowners to sell any excess energy they generate back to the utility company. The amount of energy generated by the solar panels is matched with the amount of energy used by the home, and any excess energy is sold back to ComEd at the retail rate. This program allows homeowners to reduce their energy costs and helps ComEd meet its renewable energy goals.
How Does the Illinois Shines Incentive and Federal Tax Credit Work?
The Illinois Shines Incentive and Federal Tax Credit are two of the most important programs when it comes to residential solar installation in the state of Illinois. When combined, these incentives in conjunction with ComEd Net Metering are what make solar installations viable and save homeowners a significant amount of money on their costs.
The 30% Federal Tax Credit for going solar is a great incentive for homeowners looking to install solar panels for their home. This credit can be used to offset the cost of installation, making it more affordable. In order to receive this tax credit, the homeowner(s) must have a federal tax liability in the year(s) they plan on claiming the credit.
Additionally, the Illinois Shines Incentive provides rebates for solar installations, further reducing the cost approximately another 15% of the total retail cost!
This means qualified homeowners will have nearly 45% of the total system cost covered by federal and state solar incentives in Illinois!
The Main Benefits of Solar Installation for Homeowners
With energy costs increasing at ever-increasing rates, there has never been a better time to go solar in Illinois! By taking advantage of these solar incentives in Illinois, homeowners can save a significant amount of money on their solar installation costs.
Solar installation has a number of benefits for homeowners. Perhaps the most obvious benefit is the reduction in energy costs. Solar panels can reduce energy bills by 15-40%, depending on the size of the system and amount of sunlight received.
Beyond the fiscal solar incentives in Illinois, going solar obviously has its environmental benefits. It reduces our reliance on fossil fuels and helps to fight climate change. Additionally, solar installations provide shade, which can help to reduce cooling costs in the summer.
Perhaps the best benefit of solar installation is that it is your own personal power generation station, with a fixed in cost backed by a 20-25 year warranty. Your cost of power will be the same in 5, 10, even 20 years from now. Just imagine if you could have locked in the price of gas 20 years ago!
If you purchase your solar panels, once fully paid off you will eventually have “free” power for the remaining life of the system.
The Costs Associated to Waiting
So, if you are thinking about solar installation, now is a good time to do it. The solar incentives in Illinois make transitioning to renewable energy more affordable than ever, and you can save money on your energy bills from day one. By waiting you are not only increasing your long-term costs, but you will likely be paying more for a solar system in the future than you would today!
Now is the time to go solar and take advantage of these amazing solar incentives in Illinois! With 30% Federal Tax Credit, Illinois Shines Incentive and ComEd Net Metering Program all working together, you can save a significant amount of money on your energy bills from day one. Don’t wait any longer – contact us today to learn more about how you can make the switch to solar energy now and lock in your costs for years into the future.
Not only will this help protect against rising energy prices, but it also has many environmental benefits that are sure to please both you and Mother Nature!