Maximize Your Investment with Illinois Solar Incentives
The perks of going solar are overflowing—spilling over from businesses to the community all the way down to your energy bill,1 there’s no better time to take advantage of Illinois’ solar incentives.
Want to learn more about Illinois solar benefits? We’ve got you covered. We’ve rounded up all the savings that you could be eligible for when you buy your own home solar system today.
IL State Solar Incentives
Illinois offers two very important solar incentives that put you on the path towards energy independence and even bigger savings: the Adjustable Block Program and net metering.
Illinois Adjustable Block Program: Turn Solar Power into Cash
Illinois is one of the few states that offers a comprehensive program allowing solar system owners to earn cash for the solar power they produce through the Adjustable Block, or AB, Program.2
The Illinois Adjustable Block Program is an incentive program that supports the development of new solar photovoltaic (“PV”) systems in Illinois through the purchase of Renewable Energy Credits, or RECs. It enables the sale of RECs produced by PV systems to Illinois utilities. Payments vary depending on the size of the system and where it is located.
Illinois requires 1.5% of its electricity to come from solar. That means solar panel owners can sell the power they produce in the form of RECs in order to help utilities to reach this goal. An REC is created for every megawatt hour of electricity produced by a solar generator. The power your panels produce are given ‘Energy Credits’ that earn you cash.
Under the AB Program, RECs are sold at fixed prices, giving you you more consistent payments for your power over a longer period of time. The amount you earn for your SRECs will depend on a number of factors including block capacity, solar installation size, and utility. The Adjustable Block Program is now open, but hurry—blocks fill up fast. The earlier you apply, the more cash you’ll earn back when you go solar.
Net Metering: More Power, More Savings
Net metering is one of the best state incentives available for solar system owners and could cover 100 percent of your energy needs.3
It’s pretty simple: if your solar system produces more energy than you need, you’ll receive credits on your utility bill so that you can use when you need to use energy from the grid (for instance nighttime or on particularly cloudy days). Basically, you can “save” your solar energy for when you need it most. Plus, unlike other residential solar companies, we won’t charge you if your solar panels overproduce. Read more on net metering here.
Federal Tax Credits
On top of net metering and SRECs, solar system owners are also eligible for the Federal Investment Tax Credit, or ITC, if you buy your own solar system outright.* The tax credit amounts to 30% of the cost of purchasing your solar system, but only after deducting the value of your state rebates.
However, ITC credits will begin stepping down from 30% at the end of 2019. The tax credit for systems in service after 12/31/19 will drop to 26%. After 12/31/20, it’ll drop even further to 22%.4 That’s why the time to go solar is now. But not to worry—we can help you maximize on all the solar savings available to you.
Own Your System and Your Savings
Our BrightBuy™ and BrightAdvantage™ plans give you the chance to buy your own solar system outright or through a hassle-free loan. We’ll create a customized agreement based on your individual needs. You’ll also get a free, custom solar design that meets the unique needs of your home and lifestyle.
Whichever plan you choose, we’ll help you make sense of the Illinois solar incentives you qualify for and make sure your solar investment makes financial sense for you.
Claim Your Solar Incentives
According to EnergySage, solar quotes received by Chicago homeowners in 2016 showed an average of over $15,000 in savings over 20 years. That kind of return on investment doesn’t come along every day—the time to go solar is now.
The sooner you go solar with Sunrun, the sooner you’ll be able to take advantage of these time-sensitive solar incentives. Want to see how much you could save? Get your free quote today.