30% Federal Investment Tax Credit
Those whose systems were “placed in service” between January 1, 2022, and December 31, 2032, can receive 30% of the complete system cost back as a credit against their total tax liability for that year. Additional incentives may be available if your business is located in low-income or former coal communities.
Good news for Nonprofits and Government entities! Thanks to the passage of the Inflation Reduction Act, solar energy has become more affordable for Nonprofit and Govt organizations with the Direct Pay of the Federal Investment Tax Credit. This new feature of the tax credit allows non-tax paying entities to receive the full value of the tax credit by making the 30% tax credit refundable. Non-profit organizations and governments can use that direct payment amount to reduce the cost of their system. Learn more about incentives for nonprofit and government entities here.
Note: We are not tax professionals, please consult with your tax advisor about how this credit can work for your business.
Your company could recoup roughly 12-25% of the original system price through this incentive.
With Illinois Solar Renewable Energy Credits, you could recover 30-35% of the original solar system cost with cash payments upfront or over seven years, depending on system size.
Learn more about how SRECs work.
A $250/kW (direct current) smart inverter rebate is available for large commercial, industrial, and nonprofit systems within Ameren Illinois and ComEd utility territories.
Find out the requirements for this rebate.
Illinois Solar For All (ILSFA) is a state program that benefits income-eligible and environmental justice communities in Illinois. The State of Illinois offers this program to meet its renewable energy goals and to bring the expansion of solar energy to income-eligible communities. With state and utility funding, Illinois Solar For All pays incentives to solar companies and passes the savings onto income-eligible households, non-profit organizations and public facilities.
Learn about program eligibility.