Solar has always been good for the planet. Now it's good for your bank account too. There are great opportunites to benefit from clean, affordable solar energy in Illinois. Invest in your home. Invest in your future. Here are some things you should know:
Under the Residential Renewable Energy Tax Credit, 30% of the installed cost of the solar system can be accounted for as a tax write-off. Unlike tax deductions, this tax credit can be used to directly offset your tax liability dollar for dollar. If your tax credit exceeds your tax liability the excess credit may be carried forward for a period of up to 20 years.
Incentive Value: 30% of System Costs Year 1
As a homeowner, you may file an IRS form 5695:
(Disclaimer: Incentives under the Future Energy Jobs Act have yet to be finalized, however, it is important to stay up to date as to how this bill may impact the economics of your project.)
At the end of 2016, Illinois’ General Assembly passed one of the most progressive pieces of energy legislation in the country, the Future Energy Jobs Act. While pricing for incentives has not been finalized, it is important to consider that how this bill may affect your residential solar installation, most notably the highly favorable SREC incentives under the Adjustable Block Program.
A REC represents the property rights to the environmental, social, and other nonpower qualities of renewable electricity generation. A REC, and its associated attributes and benefits can be sold separately from the underlying physical electricity associated with a renewable-based generation source. As renewable generators produce electricity, they create one REC for every 1,000 kilowatt-hours (or 1 megawatt-hour) of electricity placed on the grid.
The Adjustable Block Program lays out a framework for estimating your system’s output over 15 Years. You are then credited for the value of 15 years worth of SREC’s the first year of your installation. While the value of the SREC’s has yet to be finalized, as the legislation currently stands they are highly favorable and may cover over 35% of your system costs.
Incentive Value: Often >35% of System Value Year 1
Solar Panels installed by Fresh Coast Solar have a production warranty of 25 years or greater. Most other major system components also carry a 25-year warranty, or the option to extend.
All systems installed by Fresh Coast Solar are designed as unique solutions to individual client needs. Price can fluctuate based on a variety of factors including the size of the system, whether it is a roof or ground-mounted solution, and the distance between your electrical panel and the solar array.