The Illinois Solar Battery Rebate
The Illinois Solar Battery Rebate Updated December 14, 2022 What is the Illinois Solar Battery Storage Rebate? Thanks to the Illinois Climate and Equitable Jobs
Normally, the depreciable life of solar panels is 85% of the full solar system cost which may be depreciated roughly as follows: Year 1 – 20%, Year 2 – 32%, Year 3 – 19.2%, Year 4 – 11.5%, Year 5 – 11.5%, and Year 6 – 5.8%. Are you interested in a free solar consultation to show you what the numbers could look like?
For those new to business ownership:
As a large purchase that will be used overtime, a solar system’s cost is deducted from taxable income via a so-called 5 year ‘depreciation’ (rather than 100% immediately as a direct ‘expense’). While 26% of the cost is recovered directly as a credit against tax liability for the year of installation (see above), the law nonetheless allows 85% of the full system cost (rather than 70%) to be deducted from taxable income over time via ‘depreciation. Depending on the tax bracket, roughly 12-25% of original system price may be recouped this way.
For more information on the federal MACRS & Bonus, see IRS Publication 946, and IRS Form 4562. IRS Brief Overview of Depreciation
Always contact a trusted tax professional to verify eligibility in business’s specific case.
The Illinois Solar Battery Rebate Updated December 14, 2022 What is the Illinois Solar Battery Storage Rebate? Thanks to the Illinois Climate and Equitable Jobs
Just like photosynthesis captures the power of the sun to grow plants, a solar photovoltaic (PV) system captures the power of the sun
Watch the demo video, featuring StraightUp Solar’s Project Developer “Professor Ky the Solar Guy” as he creates a custom rooftop solar array design