Choosing to add solar panels to your Illinois home can be a savvy investment for your electric bill and the planet. However, the benefits of solar aren’t limited to environmental impact and a potential reduction in your monthly electricity costs. You can also experience tax credits and incentives from the federal government and the state of Illinois. Don’t miss out on the opportunity to see a return on your solar investment! Find out more information below about how to capitalize on the tax incentives of solar energy.
Federal Tax Credit
First and foremost, there is currently a federal tax credit that provides an incentive to homeowners who purchase their solar panel system with either cash or a loan. As of 2021, you can potentially reduce the cost of your solar panels by up to 26%. This makes the investment in solar energy an even more attractive option. Keep in mind that the federal solar tax credit will drop to 22% at the end of 2022, so if you want to get the largest possible return, consider going solar sooner than later!
Illinois Property Tax Break
As with any home improvement project, solar panels can potentially increase the value of your home. Before you worry about your property tax bills increasing due to the extra home value, you should know that you don’t need to worry! The Special Assessment for Solar Energy Systems recognizes that any value added to your home by your solar panel system will not affect your property taxes.
Illinois Net Metering Program
Illinois’ net metering policy means that your utility company will purchase any excess electricity produced by your solar panels. This program is designed to ensure you can get the full benefits of your solar panels and balance out your electricity production and consumption. Commonwealth Edison is the largest utility offering a net metering program in Illinois, but there are others that may allow you to bank your extra energy in the form of credits on your electricity bill. That means you won’t have to worry if your power consumption fluctuates or doesn’t correlate with your solar panels’ production. You can use your solar energy in one form or another either way.
Get Rewarded For Solar In Illinois
Don’t miss out on the full benefits of solar energy for your Illinois home! With the help of these programs, you can see a major return on your solar investment! Wondering how solar could work for your Chicago home? Contact our local Pink Energy team for more information!