Solar Incentives
The Illinois Power Agency Act of 2007 requires power companies to get 25% of the power they sell from renewable resources by 2025. The Future Energy Jobs Act of 2016 helped to turn those goals into jobs for the state. Now, Illinois requires power companies to fund several incentives that help customers move to solar power. With SMART inverter rebates, your utility company may offer a one-time up-front payment for the installation of a solar system on your property—and with Solar Renewable Energy Credits (SREC), you may qualify to earn money for every megawatt-hour your system generates.
SMART inverter rebates or Distributed Generation Rebates are another form of utility incentives that can be taken advantage of! This incentive is overseen by the Illinois Commerce Commission and is available to customers in the Ameren, and ComEd utility territories. This rebate is available for installing qualified renewable energy generating equipment on residential and commercial projects and its value can offer either $250 or $300 per kW of power on the DC side of your system depending on your utility service classification. For Residential and Small Commercial services, the rebate for inverters used to interconnect generators is $300/KW-DC, and for Large Commercial and Industrial Services, the rebate for inverters used to interconnect generators is $250/KW-DC. This rebate comes in the form of a one-time upfront payment and can be expected within 3-6 months after the system has been turned on.
The Illinois Shines Program was created in 2017 after the Future Energy Jobs Act was implemented. It is in place to reach the state's goal of getting 100% renewable energy by 2050. Learn more about how the Illinois Shines Program is done and its benefits. Contact us today!
Solar Tax Credits
Halo Solar will show you the best way to make your new system affordable, and guide you through the necessary steps to ensure you receive the best tax credits and incentives for your system. There are dozens of federal tax credits and utility-funded incentives for new solar systems, depending on where you’re located, when you install the system, what type of system you install, and other factors. Plus, a solar system makes your home or business more valuable and will not increase your property taxes. Studies show that solar homes sell faster, too!