What Solar Incentives & Tax Credits Are Available?
Take advantage of great incentives and put the power back in your hands today! Federal tax credits and other incentives can substantially cover your solar system installation cost.
NOTE: Although incentives are great right now, don’t be misled by ‘no cost solar’ ads or other sneaky advertising. Please be sure to educate yourself and learn the questions to ask each solar company.
What is available in the Stateline area?
Federal tax credits are available in all states and help cover the cost of your solar system installation.
Other incentives vary by state. Illinois has an excellent incentive program. (see more on this below) We stay up-to-date with changing incentives and will explain what’s available for you.
You don’t have to navigate this process by yourself. Our sales team knows the current incentives, rebates, and promotions and will help you get the best pricing.
What Is the Federal Tax Credit for Solar?
The Federal Tax Credit (ITC) currently covers 30% of your system cost. The Federal Tax Credit was enacted by the federal government in 2006 and has been adjusted several times.
- The most recent update came in August 2022 with the passing of the Inflation Reduction Act
- This increased the credit to 30% through 2032
- It extended the Federal Tax Credit through 2034, with a stepped-down rate for the last two years
We’ve written more about the Federal Tax Credit (ITC) in a blog post on this site.
ILLINOIS Solar Incentives
How do SRECs work?
SRECs are Solar Renewable Energy Credits. With programs in only a handful of states, the Solar Renewable Energy Credit program was created to encourage renewable energy in Illinois. You get financial credit for producing clean energy. This credit helps cover the cost of your solar installation.
The IL program, called the IL Adjustable Block Program (also known as Illinois Shines), is administered by the Illinois Power Agency. The IL Adjustable Block Program will provide an amount to you based on the projected amount of energy your solar system is estimated to produce for 15 years.
The amount of money you are able to receive is based off of the amount of Solar Renewable Energy Credits (SRECs) your system will produce and the current price per SREC that is available for your system size at the time of your application being submitted to the state for review.
Since this program is always changing, the best way to determine your savings with SRECs is to request a free solar quote & consultation from Iconic Energy. We’ll answer all your questions.Request Your Free Solar Quote