You might have questions about how solar will add to the bottom line of your business. Here our commercial solar installers guide you through available incentives and financial options.
30% Federal Investment Tax Credit
In August 2022, the Inflation Reduction Act became law. In it are provisions to support solar growth by increasing and extending this federal tax incentive for 10 years! Receive 30% 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 30% for systems ‘placed in service’ between January 1, 2022 and December 31, 2032. Additional incentives may be available for locating in low-income and former coal communities.
TAX CREDIT UPDATE: Congress has proposed to drastically curtail the life of the tax credit available for commercial installations. Now is the time to go solar to secure maximum incentive savings. Learn more in our blog post.
MACRS & Bonus Depreciation
Your business can recoup roughly 12-25% of original system price. Click here to learn more.
Illinois Solar Renewable Energy Credits (SRECs)
Recover 30-35% of the original solar system cost with cash payments upfront or over 7 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 in Illinois
A $250/kW (DC) smart inverter rebate is available for large commercial, nonprofit, and industrial solar systems, in Ameren Illinois and ComEd territories. These installations will be required to incorporate “smart” inverter technology, which will be accessible to the utility to facilitate grid reliability. To receive this rebate, the business must enroll in a net metering tariff that only applies net metering credits to the generation (wholesale rate) of your business’ bill. Your Project Developer can analyze the benefits of the Smart Inverter Rebate for your business.
See Net Metering 101
PACE Financing
Property Assessed Clean Energy (PACE) is a financing mechanism that was approved for use in Missouri by the legislature a few years ago. The way this financing works is that the home or the property itself takes out the loan for the solar array as opposed to the individual. The individual pays the loan back through monthly payments via an escrow account (if the home is still under mortgage), and then the escrow account covers an additional line item that is added to property taxes, which is the solar loan. It is important to note that this does not increase your property taxes themselves, it increases the bill that is sent to you until the solar is paid off. The local government then pays the financing institution that offered the loan in the first place as opposed to paying the finance institution directly. The benefit of this financing is that the loan stays with the home. When the resident that installed solar moves out the new resident that moves in continues to pay for the solar array.
State Sponsored Loans
MO Linked Deposit Alternative Energy Loans
Through this State Treasurer’s program, participating banks and credit unions offer 2-3% interest loans to both individuals and businesses. This program has been infrequently used for solar electric projects due to certain limitations. However, the program is well-funded and worth looking into.
Take our handy 2-minute assessment to find out if your business or organization is a good fit for solar. Everyone’s situation is different, and we appreciate learning about your unique interest in solar. One of our solar specialists will reach out to you about your project to determine if it is a good fit for solar.
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