Illinois Solar Panel Rebates

Commonwealth edison offers the top utility net metering program in illinois.

Illinois solar panel rebates.

Illinois doesn t offer any tax credits for solar power installations. In 2014 illinois installed 6 megawatts of solar capacity which ranked it 27 th for growth that year. It s smack dead center when it comes to solar energy. Another choice that solar shoppers have to face is how to pay for a solar panel system.

Solar renewable energy credit srec residential. Please note this is an incentive which is subject to tax. 25 in the nation for installed solar capacity. Up until this year illinois had offered a rebate for all customers of investor owned utilities comed and.

This is a. 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. The funds are typically allocated on a first come first serve basis until the budget has been spent. For your system the value is 7 1 cents kwh produced which is paid in year one.

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. For illinois the average solar payback period is 9 31 years. There may still be other local rebates from your city county or utility. Illinois solar incentives illinois solar power rebates.

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. 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. And the state is more or less on pace to hold its position.

Solar incentives rebates and tax credits available in illinois in 2020. If you re a comed customer and install solar on your business you re eligible for 250 per kilowatt kw of installed solar power. At the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit.

This term tells us as at what time you will recover your initial investment through electricity savings from your solar system.