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

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

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

The phrase "solar incentives" refers to a range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. The incentives can include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the Illinois government and some by your specific utility company, county or municipality. Types of solar incentives might include:

• Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
• Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. Any rebates you receive will usually be deducted from your total price before any tax credits are calculated.
• Net Metering: Be sure to talk with your Glenview utility company about signing a net metering contract. This allows you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You might receive either a dollar-for-dollar credit or a percentage of the value.
• Solar Renewable Energy Certificate (SREC): SRECs and similar 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 at the state level. You can sell any SRECs you have to your utility company or other buyers, and the money you receive in return is typically considered part of your taxable income.
• Tax Exemptions: These might come in the form of property tax exemptions, which would allow you to ignore the value of your solar system when calculating the taxes you pay on your house. You may also qualify for an exemption on sales tax at the time of purchase.

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Federal Solar Incentives

Federal incentives are the kind of incentives that you are most likely to have heard of. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit that reduces your taxes by a predetermined percentage of the money you spend installing solar panels.

The ITC originally covered 30% of the cost of solar panel installation, although it has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost includes the panels themselves as well as the cost of labor, accessories and equipment. There is no maximum claim amount. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.

Your local Glenview solar panel installer can give you more information about the ITC and how it might apply to your situation.

In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now called the Clean Energy Credit. With the new provisions, solar installation projects begun after January 1, 2022, and finished by December 31, 2032, might qualify for a 30% tax credit. This percentage will then decrease slightly each year until the current Clean Energy Credit expires in 2035. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.

More information about the new Inflation Reduction Act can be found here. The best way to learn more about how the new Clean Energy Credit applies to you is to reach out to your local Glenview solar panel company with your questions.

State & Local Solar Incentives

There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more may be available at a more local level. Some incentives are ongoing, while others are only available for a limited time. Incentives might be provided by the Illinois government, or by your county or municipality.

Next Steps for Installing Solar in Glenview

You can qualify for solar incentives from the Illinois government and the federal government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped increase nationwide solar energy use enormously. If you're prepared to make the change to solar energy, talking to your local Glenview solar panel installation expert is a great first step.