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.
Illinois offers two very important solar incentives that put you on the path towards energy independence and even bigger savings: the Adjustable Block Program.
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 systems in Illinois through the purchase of Renewable Energy Credits, or RECs. It enables the sale of RECs produced by solarsystems 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.
In addition to net metering and SRECs, solar system owners are also eligible for the federal solar tax credit, if you buy your own solar system outright.*
The federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax. The 30% tax credit applies as long as the home solar system is installed by December 31, 2019. Starting in 2020, the value of the tax credit will step down to 26%, and then again to 22% in 2021. After 2021, the tax credit for residential solar ends.4
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.
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.