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Federal Solar Investment Tax Credit (ITC)
- Benefit: This federal credit allows you to deduct 30% of the cost of installing a solar energy system from your federal taxes.
- Eligibility: Applies to both residential and commercial installations.
- Savings Potential: For an average system, this translates to savings of approximately $7,740.
Illinois Shines Program (Adjustable Block Program)
- Benefit: This state-level program offers payments for Solar Renewable Energy Credits (SRECs), which can significantly reduce the overall cost of solar installations.
- Eligibility: Available to residential, commercial, and agriculture installations.
- Savings Potential: The program can provide substantial financial returns, potentially leading to savings of over $10,000 over the system's lifetime.
Illinois Solar for All (ILSFA)
- Benefit: Designed to help low-income and environmental justice communities access solar energy by providing financial incentives such as grants and rebates.
- Eligibility: Available to residential, non-profit, and public facilities.
- Advantage: This program aims to make solar installations more accessible and affordable while promoting economic development and job creation in underserved areas.
Net Metering
- Benefit: Allows solar system owners to receive credits for excess electricity they generate and send back to the grid. These credits can offset future electricity bills.
- Current Structure: Under the state's Climate and Equitable Jobs Act, net metering benefits for new renewable energy customers change effective January 1, 2025. The primary change is that new net metering customers will receive only supply and transmission service credits for excess generation pushed to the grid. Customers whose systems send excess energy to the grid will be compensated less per kilowatt-hour than those already enrolled in net metering.
Property Tax Exemption
- Benefit: Solar installations are exempt from additional property taxes, meaning the increased home value from solar panels does not lead to higher property tax assessments.
- Eligibility: Available for residential, commercial, and agriculture installations.
Local Incentives
- ComEd and Ameren Rebates: These utilities offer additional solar installation incentives, including $250 per kilowatt (kW) rebates.
- Eligibility: Available for residential and commercial installations.
