There are programs and incentives available that can help reduce the overall cost of going solar and help you reach a return on your investment faster.
This Federal program offers a tax credit of 26% for commercial or residential solar energy systems installed in the next two years. This is a dollar-for-dollar credit on your taxes—more powerful than a standard deduction. On average, our customers save nearly $9,000 with the ITC after switching to solar. This tax credit is set to diminish over time and time is running out to maximize your credit for installs completed in 2021-2022.
Most customers find their solar energy system generates more energy than their home or business can use or store in solar batteries. Net metering programs allow homeowners to sell energy back to the electric grid in exchange for credits on your bill. Then, when your system isn’t able to perform due to clouds or at night, you can pull energy from the grid. Your credits from selling energy back and times credited towards any energy you may use during those times, saving you money on your energy bill every month.
SREC programs help homeowners increase the financial return from their solar energy system by selling certificates for energy to their utility provider. A homeowner earns one (1) SREC for every 1000-kilowatt hours (kWhs) of electricity produced by their solar systems. In certain states, each certificate can be worth upwards of $300. In Illinois, however, such certificates are worth more: a homeowner that installs an 8kw system that produces, on average, 10,000 kWh of power per year would receive nearly $12,000.
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