Living in Illinois and thinking of installing solar panels? Go for it! Illinois gets a lot of sunlight, which means that installing solar panels will significantly reduce your bills. If the high upfront costs daunt you, here’s our article on Illinois solar incentives that can make this shift much easier.
The US government wants more people to go solar: it’s a modern and green way of getting energy. This is why the Solar Investment Tax Credit (ITC) program was developed. It allows American citizens to claim 30% of the cost of their installation as an income tax deduction. The cost here is not only solar panels, but also shipping, installation expenses and more. For example, if your system overall made you spend $10,000, the government returns you $3,000. To claim the ITC, complete all the necessary forms and submit them when filing your taxes.
The net metering policy in Illinois has made it easier for its customers to sell unused electricity back to the grid instead of storing the energy in batteries. If your system includes a renewable electric generator, you may interconnect to your electric company’s grid and receive credit for unused electricity. Your PV system will pay for itself primarily through the net metering program by selling solar energy that you haven’t used into the commercial grid and gaining credits from the utility company for it. The credits later can be used to cover your electric bills.
In Illinois, credit value is equal to the full retail electricity price. If you have unused credits, they will roll over to the next month and can help offset future electricity usage. Make sure to sell any remaining credits to the grid as they will expire in one year.
Illinois has a goal of producing 25% of its energy from sustainable resources by 2025, through the renewable portfolio standard (RPS). Installing a solar power system will help your state achieve its ambitious goal. In addition, there is a special program, rewarding those who go green: under the Adjustable Block Program(ABP), also known as Illinois Shines, you will be awarded one Solar Renewable Energy Credit (SREC) that can be sold for each megawatt-hour (MWh) of energy which your PV system produces, allowing your system to payback itself. With the inquiry of the program, you must be waitlisted to qualify for the Adjustable Block Program.
Illinois’ Special Assessment for Solar Energy Systems ensures any new PV system installed in Illinois will not be part of your property tax. However, such home improvement will definitely make it about 4% more valuable on the property market, says the Zillow report. If you want your solar energy property valued in this manner, file the State of Illinois PTAX-330 property tax form.
4%
this is how much solar panels increase the value of your house
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Years of experience in translation and a love of nature help Julia find the right words to encourage going solar. She joined the team in 2023 and is happy to make her contribution to a greener future.
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