Does solar make sense in Illinois
Solar makes a lot of sense in Illinois thanks to generous state and utility incentives for homeowners. Illinois offers property tax exemptions for homeowners who invest in solar energy, a robust net metering policy, and solar renewable energy credits (SRECs). These incentives, combined with the potential for saving on utility bills, make going solar in Illinois the right choice for practically every Illinois homeowner.
State incentives for home solar
Property tax exemptions. Illinois allows for an alternative valuation of renewable energy home upgrades from property tax assessments. This means that the value you add to your home by installing solar panels, home batteries, or smart home energy controllers won’t add to your property tax assessment.
Net metering. Customers of Commonwealth Edison, the Ameren Illinois Utilities, and MidAmerican Energy Company are eligible for a one-to-one retail rate credit for systems of up to 2 MW in size. This means that system owners will be compensated for excess electricity generated by their solar systems at the same rate that they pay when buying electricity from their utility. The actual amount that solar owners get paid depends on which utility serves them. Commonwealth Edison offers some of the best rates for solar net metering customers.
Solar Renewable Energy Credits (SRECs) Is a credit awarded to solar owners that they sell directly to one of the three Illinois Investor-owned utilities (ComEd, Ameren or MidAmerican). The value of the credit depends on the price for the SRECs that companies that purchase the credits pay. One Illinois SREC is awarded for every one megawatt-hour of electricity generated by a solar system. As of the date of this posting, the Illinois Power Agency estimates the initial Block one SREC price for customers served by Group B utilities (ComEd and PJM Settlement Inc.) to be $72.97. That price will only be for the first 5,000-10,000 systems. After those first-tier SRECs are awarded, the per megawatt-hour price paid for SRECs will decline.
For more information on solar power programs in Illinois check out the IL Shines Block Program Information Brochure: http://illinoisshines.com/wp-content/uploads/2018/12/Brochurev2.pdf
Freedom Forever is ready to help Illinois go solar
Freedom Forever independent authorized dealers can help you go solar with a system that takes full advantage of the generous solar energy credits that are available to Illinois homeowners. Our customers also enjoy the peace of mind that comes with our 25-year performance guarantee. Our guarantee offers compensation to the system owner. If system performance falls short due to a problem that was our fault, we compensate you. The compensation offered by our 25-year performance guarantee depends on the terms and conditions in your contract with Freedom Forever. Going solar with Freedom Forever gives you the benefits of going solar in Illinois. Plus you get the peace of mind that comes with our 25-year performance guarantee.
Important tax disclosure:
You should contact a qualified tax expert and consult with them. Neither Freedom Forever’s family of independent authorized dealers nor Freedom Forever itself can give you tax advice. A qualified tax professional will understand your situation and be able to give you the most relevant advice.