Solar panel installations are growing rapidly in the Chicagoland area, and for good reason. Innovations in solar panel technology has increased their efficiency while decreasing their cost. By adding a solar panel system to your home you will avoid increasing utility bills by taking full control of your energy.find out how
With federal tax credits, state energy credits, net metering and property tax exemptions, there really isn't a better time to install a solar panel system to take advantage of all of these benefits. And not to mention helping the environment by reducing your carbon footprint.
Regardless of where you live, you are able to take advantage of the best solar incentive. The federal solar tax credit, also known as the investment tax credit (ITC), allows you to deduct 22 percent of the cost of installing a solar energy system from your federal taxes. The ITC applies to both residential and commercial systems, and there is no cap on its value.
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 and other energy efficiency products.
Whenever you improve your home, it often means that your home value increases. This is a great perk, even though you have to pay increased property taxes. However, you don’t need to worry about that when you install solar panels. Thanks to the Illinois government, solar panels are completely property tax exempt. So you can enjoy all the added value your new solar panel system brings without paying any extra taxes.
Net metering, or net energy metering (NEM), is a system used by electric utility companies to determine your electric bill based on your net power consumption. Any excess solar power your panels produce is sent to your utility grid. Your utility company will then credit your account with that extra energy.
Solar Renewable Energy Credits (SRECs) and Illinois’ renewable portfolio standard (RPS) means the state is committed to producing 25 percent of its electricity from renewable resources by 2025. That’s an ambitious goal, and to make it happen, the state has a program that rewards homeowners for helping Illinois reach that target.
For each megawatt hour (MWh) of electricity your solar system produces, you will be granted one Solar Renewable Energy Credit (SREC) that you can then sell in the market, creating a nice income stream for the life of the system. SRECs are not available to customers who choose a lease or PPA type system.