Illinois Solar Panel Rebates

25 in the nation for installed solar capacity.

Illinois solar panel rebates. 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. Illinois doesn t offer any tax credits for solar power installations. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit. At the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation.

Illinois solar tax credits. The funds are typically allocated on a first come first serve basis until the budget has been spent. 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. And the state is more or less on pace to hold its position.

All of illinois can take advantage of the 26 federal tax credit which will allow you to recoup 26 of your equipment and installation costs for an unlimited amount. Comed commercial solar rebates. For your system the value is 7 1 cents kwh produced which is paid in year one. Up until this year illinois had offered a rebate for all customers of investor owned utilities comed and.

Solar energy industries ranks illinois no. This is a. This term tells us as at what time you will recover your initial investment through electricity savings from your solar system. There may still be other local rebates from your city county or utility.

It s smack dead center when it comes to solar energy. Solar renewable energy credit srec residential. Because home and business owners want to get the largest incentive amount possible solar panel installation companies will likely be flooded with new projects before year s end. For illinois the average solar payback period is 9 31 years.

Illinois solar incentives illinois solar power rebates. Commonwealth edison offers the top utility net metering program in illinois. In 2014 illinois installed 6 megawatts of solar capacity which ranked it 27 th for growth that year. Please note this is an incentive which is subject to tax.

Solar incentives rebates and tax credits available in illinois in 2020.