3. What incentives are available?

FEDERAL

  • For residential and commercial solar electric systems, there is a full 30% Federal Tax Credit available until 2019.

The tax credit is set to step down according to the following schedule:

Systems placed in service by 12/31/2019: 30%
Systems placed in service between 1/1/2020 and 12/31/2020: 26%
Systems placed in service between 1/1/2021 and 12/31/2021: 22%
Systems placed in service after 1/1/2022: 0% Residential, 10% Commercial

  • Businesses can also qualify for Modified Accelerated Cost-Recovery System (MACRS), otherwise known as Rapid Depreciation.  MACRS classifies solar electric systems as five-year property for depreciation purposes.
  • Agricultural producers and rural small businesses may also apply for the US Department of Agriculture’s Rural Energy for America Program (REAP).
    • REAP is a competitive grant program that awards up to 25% of project expenses to qualified renewable energy projects.

STATE

  • In Illinois, the Solar Renewable Energy Credit (SREC) program allows the owner of a solar electric (PV) system to sell their system’s SRECs, or the environmental benefits associated with the production of solar energy, to offset the cost of the system. 
    • 1 SREC is equal to 1 Megawatt-hour (1,000 kWhs) of solar electricity production. 

Learn More About Residential Solar Incentives

Learn More About Commercial Solar Incentives

Illinois SREC Incentive Available

SRECs can save you BIG money on your solar array!

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