Agricultural
Incentives &
Financials

You might have questions about how solar will add to your farm’s bottom line. Here we guide you through available incentives and financial options.

Cultivate and Harvest
Solar Savings

With the cost of solar panels and solar energy technology steadily decreasing over the years, going solar has never been more affordable—and that’s on top of immediate energy bill savings and  incentives that can significantly reduce your project costs. Though some farm operations prefer to pay cash in full, not all can pay upfront for a solar energy system. Fortunately, there are several solar financing options available to make the switch to solar simple.

Keeping hard-earned cash on the farm
Is Where Agribusiness Finds the True Value

the financial power of
Solar for Agriculture

System with Annual Production of 170,000 kWh the first year, assumes $100/mWh SREC, 3% kWh rate increase annually.

AGRICULTURAL SOLAR
Incentives

Discover incentives to help make solar more affordable for your farm operation.

Federal Incentives

26% Federal Investment Tax Credit

Receive 26% of the full system cost back as a credit against your total tax liability for the year your system was installed. This tax credit is 26% for systems ‘placed in service’ by December 31, 2022. In 2023, the tax credit drops to 22% and then starting in January 2024 drops to 10% for commercial systems (0% for residential). Learn more details (including the IRS form) at EnergyStar.gov.

MACRS & Bonus Depreciation

Your business can recoup roughly 12-25% of original system price. Click here to learn more.

Illinois Incentives

Solar Renewable Energy Credits (SRECs)

Recover 20-30% of the original solar system cost with cash payments upfront or over 5 years, depending on system size, from the Illinois Power Agency. (Not available with PPA). Solar Renewable Energy Credits are based on the production of your solar PV system. Click here to learn more.

$250/kW Smart Inverter Rebate

A $250/kW (DC) smart inverter rebate is available for large commercial, industrial, and non-profit systems, which are generally those in Ameren territory having a peak demand of over 150kW (rate DS-3 and above), and for ComEd customers, a peak demand more than 100kW. These installations will be required to incorporate “smart” inverter technology, which will be accessible to the utility to facilitate grid reliability. Note that these customers are eligible only for a so-called dual metering arrangement with credits per kWh at the utility’s ‘avoided cost’ (wholesale rate), if they elect to be designated as a Qualifying Facility.

See Net Metering 101

Missouri Incentives

Ameren Missouri Rebate

The Ameren Missouri rebate will give back $0.25/watt to the customer. This direct cash rebate is available until December 31, 2023. To qualify, the maximum array size is 25 kW (kilowatts) for a residential system and 150 kW for commercial.

Please see Ameren’s website for more information.

Solar-Powered Agribusiness
Financing Options

A solar loan allows you to purchase a home solar system and pay it off over time. The types of solar loans include:

BUILDING THE

Financial Case for Solar

Actual project pricing varies because every farm-based solar project is unique. The first step is to reach out for a free solar assessment. A StraightUp Solar Project Developer will work with you to align your budget and the property’s physical and electrical characteristics with your long-term financial goals.

The most common factors impacting the cost of an agribusiness solar power project include available space, utility provider and rate class, and other site-specific characteristics such as the electrical service configuration.

Contact The Solar Experts

As always, the solar experts at StraightUp Solar can answer any questions you may have and provide you with all of the information you need to make an educated decision about going solar. Contact us today to get started!

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