Illinois Solar Panel Rebates

Comed one of il s largest utility companies provides rebates for commercial and industrial c i customers to help decrease the out of pocket costs of installing solar.

Illinois solar panel rebates.

Solar renewable energy credit srec residential. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit. For your system the value is 7 1 cents kwh produced which is paid in year one. Illinois solar tax credits.

For illinois the average solar payback period is 9 31 years. At the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation. The funds are typically allocated on a first come first serve basis until the budget has been spent. 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.

Solar incentives rebates and tax credits available in illinois in 2020. Please note this is an incentive which is subject to tax. Up until this year illinois had offered a rebate for all customers of investor owned utilities comed and. Illinois doesn t offer any tax credits for solar power installations.

If you re a comed customer and install solar on your business you re eligible for 250 per kilowatt kw of installed solar power. Commonwealth edison offers the top utility net metering program in illinois. 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. Solar energy industries ranks illinois no. 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. In 2014 illinois installed 6 megawatts of solar capacity which ranked it 27 th for growth that year.

Another choice that solar shoppers have to face is how to pay for a solar panel system. 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. 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.

It s smack dead center when it comes to solar energy.