Utilizing the sustainable energy that the Illinois sun provides can be an intimidating process logistically, and financially. But it doesn’t have to be, especially when you entrust your solar installation to a full service solar firm like WCP Solar. Our team is with you from start to finish, no just to ensure your solar PV system is properly designed and installed but also to make sure you understand which federal, state, and manufacturer rebates or incentives you qualify for. This will reduce the overal cost of your system, and shorten the amount of time it will take for your new solar electric system to pay for itself in energy savings.
So what are these valuable financial incentives, and how much can they save you?
The Federal Investment Tax Credit (But Hurry Up!)
This is the most urgent incentive available — because you are running out of time to take advantage of the savings. The Federal Investment Tax Credit (or ITC) allows for solar customers to take 30% of the cost of their solar installation, and subtract it from what they owe on their Federal taxes. It is often the case that this 30% sum is greater than what most homeowners owe the Federal government, but the great news about this incentive is that you are allowed to roll over the remainder of the savings onto the next fiscal year.
So why is the Federal ITC so urgent? After the year 2019, the savings start to sunset, until they will be reduced to a 10% commercial deduction only in 2022. So make sure to schedule your solar installation before this year is up to get the most money back!
Illinois Offered Solar Incentives
At the state level, there are many available rebate programs for solar customers. These include net metering programs, which pay you back for the excess solar energy your home will produce during the day. Net metering often offsets the cost of the electricity you use at night. If you are wondering if your local utility company is offering any rebates or other incentive programs, you can check a comprehensive list from the Database of State Incentives for Renewable & Efficiency here.
Don’t Miss A Cent of Savings — with WCP Solar
The benefit to partnering with WCP Solar for your Illinois residential or commercial solar installation is that we have an in-depth understanding of your custom designed system, inside and out. We will make sure you don't miss out on a cent of savings offered from the manufacturer or your solar panels or inverter, from any state entities, or from the Federal ITC. We won’t cut any corners when it comes to designing your system, and we certainly won’t cut any corners when it comes to saving you the most money on your solar installation either!