Save Money with Solar Energy
by Ryan Davis, on Nov 8, 2019 12:00:00 PM
State and federal incentives offset solar panel costs for a lower monthly bill
There’s no denying that adding solar panels to your Chicago home seems like a big investment. But you don’t have to worry about the price tag. Thanks to a host of state and federal incentives, along with our reliable upfront estimates, your solar system is guaranteed to save you energy. Here, we’ll give you a quick overview of the programs you can take advantage of to start saving with solar. To find out how you can offset solar panel costs and instantly lower your monthly energy bill, keep reading.
Solar Renewable Energy Certificates
Here’s the good news: the state of Illinois is committed to producing 25 percent of its electricity from renewable sources by the year 2025. The bad news is that local electric companies are just not capable of doing it alone.
But, thanks to Solar Renewable Energy Certificates (SRECs), you can get paid to help them out. For every megawatt-hour your property produces, you’ll receive one SREC, which you can then sell back to the power company. By going 100 percent renewable with a solar panel installation, you can help your community while earning money in the process. All of the SRECs you accumulate over the next 15 years you will get paid out in a one time upfront payment!
Our goal is to design systems that deliver 100 percent renewable energy to your property or get a close to 100 percent as possible. In fact, you'll likely produce more energy than you need to run all the electronics in your home. So, what happens to all that excess energy? Your power company will credit it for you to use later.
Solar works by gathering energy throughout the day, but you're most likely out of the house and not using much power at that time. And by the time you get home, you're unlikely to use the amount of energy gathered while the sun was out. So, you can counteract the excess cost with the state's robust net metering program and enjoy a steep reduction in your energy bill.
Federal Investment Tax Credit
On top of the Illinois state programs, you can also enjoy a break on your federal taxes, too. The federal Investment Tax Credit (ITC) helps balance the cost of your solar panel system by 30 percent.
There are certain restrictions to enjoy this money-saving program. For instance, you’ll have to pay enough in taxes for the credit to be relevant, and you’ll have to purchase the system in cash or with a solar loan. But if you meet the requirements, it’s easy to lower your federal taxes.
Not only that, but thanks to the Special Assessment for Solar Energy Systems, you won't be taxed for increasing your home value by adding solar panels. Your property taxes will remain the same as you're paying now.
Want to find out more about how a solar panel investment can save you money? Click here or give us a call at 864-250-0026 to speak with one of our experienced staff members today!