2024 Solar Incentives Guide for Blackberry, IL - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Blackberry?

Source: https://www.dsireusa.org/

The term "solar incentives" broadly refers to financial incentives that are in place to encourage the use of renewable energy by making solar panels more affordable. Different kinds of incentives, such as discounts, cash back or credit towards your monthly utility bill, might be available to you. Certain incentives may be offered by the Illinois government, by your utility company or by county or municipality, while other incentives are federal. You might qualify for any of the following types of solar incentives:

• Tax Exemptions: These can come in the form of property tax exemptions, which let you exclude the value of your solar system when paying taxes on your home. You may also qualify for an exemption on sales tax at the time of purchase.
• Solar Renewable Energy Certificate (SREC): SRECs and other performance-based incentives may be available to you if your solar system produces over a specified (usually small) amount of electricity. Performance-based incentives are usually handled by the state government. You can sell your SRECs to your utility company or other buyers, and the money you make is usually considered part of your taxable income.
• Rebates: A rebate is a partial refund given after you've purchased your solar system. Rebates may be offered by your local utility company, your county or your state. The rebates are usually applied before tax credits are calculated.
• Net Metering: Net metering factors in after your solar system is up and running. If you have a net metering agreement in place with your Blackberry utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in other areas you may receive a refund equivalent to a percentage of the value.
• Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)

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Federal Solar Incentives

When thinking about solar incentives, you probably think of federal incentives first. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit that reduces your taxes by a certain percentage of the money you spend on solar panels for your home.

The ITC applies towards solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. This credit can be claimed on solar panels installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.

To find out exactly how much the ITC could save you, get in touch with your local Blackberry solar panel installation expert.

In August 2022, the ITC (now titled the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners can receive a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.

Click here to learn more about the new Inflation Reduction Act. The easiest way to learn more about how the new Clean Energy Credit might apply to you is to get in touch with your local Blackberry solar panel installation expert.

State & Local Solar Incentives

Some solar incentives may be provided by state and local governments. Like with federal incentives, these may include tax credits, rebates and more. These incentives may be provided by your county or municipality, or by the Illinois government. Some incentives may be ongoing, while others are available for a limited time.

Next Steps for Installing Solar in Blackberry

There are a variety of solar incentives: those given by local utility companies, those provided by the federal government and those provided by the Illinois government, to name a few. The use of solar energy has increased enormously in the last 15 years, thanks to these incentives. When you're prepared to switch over to solar energy, calling your local Blackberry solar panel installation expert is an excellent place to start.