Solar has become a reality in the Midwest! Since 2006, the year StraightUp Solar was founded, utility costs keep going up while system costs have fallen dramatically. You can take advantage of net-metering that allows a one-to-one credit within a billing cycle for your solar production.
Utility rates in our region have gone up approximately 40% over the last 5 years! In the meantime, solar costs have dropped by approximately 50% over that same time. To further help make solar a reality, we can provide several financing options that make your investment and energy savings a reality now. In addition, a 30% federal tax credit further improves your investment, providing over a 10% rate of return, while you do your part to help the environment.
Read more about various solar incentives below and at www.dsireusa.org/
30% Federal Tax Credit:
- 30% of Photovoltaic (Solar Electric) System
*Learn more: Federal Renewable Energy Tax Credit
How to File for the Federal Tax Credit
*EPA website on How to File for the Federal Tax Credit solar energy systems.
- For products placed in service in 2016, you need to file the 2016 version of IRS Form 5695 and submit it with your 2016 taxes (by April 15, 2017).
- On the 1040 form you enter this tax credit from Form 5695 (the residential energy tax credit) on line 52.
- Save your receipts and the Manufacturer’s Certification Statement for your records.
- Submit Form 5695 with your 2016 taxes
Columbia Water & Light (Columbia, MO) Solar Rebate
- 50 cents/watt solar rebate
- Maximum rebate is $5,000 /10,000 watts
Solar Renewable Energy Credit (SREC) Program:
- Beginning in 2015, the Illinois Power Agency will use the Renewable Energy Resources Fund to purchase SRECs from system owners in a competitive auction
- Systems placed in service after January 21st, 2015 are eligible to bid in during Special Procurements in June & November of 2015, also April of 2016; Systems already in place at that date were eligible to bid in during the September 2015 Regular Procurement
- Each SREC is equivalent to 1 MWh; Calculations of SRECs for each system are based on estimated annual production factor of 14.38%
- SRECs are able to enter into 5-year contracts based on their project bid amount
For example, a 10 kW system will be eligible to bid 63 SRECs in the program using this formula:
10 kW / 1000 kW * 14.38% * 8760 * 5 yrs = 63 SRECs
* Other eligibility requirements apply to this program
* Learn more at the Illinois Solar Energy Association
Springfield, Illinois City Water, Light & Power Rebate
$0.50/Watt rebate for City Water, Light & Power Customers
Funds are very limited and you will need to act fast
- DSIRE, the Database of State Incentives for Renewables & Efficiency: The nation’s most comprehensive, one-stop source of information on federal, state, local, and utility incentives and policies that promote renewable energy and energy efficiency. DSIRE contains information on more than 2,200 programs and is accessible online for free at www.dsireusa.org.
StraightUp Solar, LLC recommends consulting an accountant regarding tax incentives. Information here is provided as a resource, but not tax advice.