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

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

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

The phrase "solar incentives" refers to a range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Different kinds of incentives, including cash back, discounts or monthly utility bill credits, might be available to you. Certain incentives may be provided via the Illinois government, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:

• Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually be deducted from the total price before any tax credits are calculated.
• Tax Credits: Tax credits reduce, dollar-for-dollar, how much income tax you owe the government. These are different from tax deductions.
• Net Metering: Don't forget to speak with your Manteno utility company about signing a net metering contract. This will allow you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
• Solar Renewable Energy Certificate (SREC): SRECs are credits that can be sold to your utility company (or other buyers) for money that is generally considered part of your taxable income. Typically, there is a small threshold of energy production to meet before your solar system qualifies for SRECs or similar performance-based incentives. These kinds of incentives are typically handled by your state government.
• Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar system. Property tax exemptions let you ignore the value that your solar panels add when you calculate how much property tax you need to pay.

Best National Provider

SunPower

★★★★★

5.0

• Most efficient panels on the market
• National coverage
• Cradle to Cradle sustainability certification
• Great warranty coverage
• Expensive
• Customer service varies by local dealer

Get Estimate

Best Solar Financing

Blue Raven Solar

★★★★★

4.5

• Industry-leading in-house financing
• Competitive pricing
• Excellent reputation
• Doesn't offer solar batteries

Get Estimate

Best for Leasing

Sunrun

★★★★★

4.0

• Expansive service area
• Many financing options
• Some reported issues with customer service
• Some reported issues with door-to-door sales

Get Estimate

Federal Solar Incentives

When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC allows you to claim a tax credit for a set percentage of the cost of your solar system.

The ITC can be applied to 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, accessories, labor and equipment. This credit can be claimed on a solar panel system installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 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.

Speaking with your local Manteno solar panel installer is the best way to understand how the ITC could apply to you.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Homeowners can now receive a credit of 30% of the total solar system installation costs for projects that began after January 1, 2022, and will be finished by the end of 2032. The percentage will then decrease on a yearly basis until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to qualify for credits for energy storage systems under this new program.

More information about the new Inflation Reduction Act can be found here. Your local Manteno solar panel company can answer any questions you have and explain how the new Clean Energy Credit applies to you.

State & Local Solar Incentives

Some solar incentives are often also offered at the local or state level. Similar to federal incentives, these can include rebates, tax credits and more. These incentives — which might be provided by your county or municipality, or by the state of Illinois — could be offered for only a limited time, or on an ongoing basis.

Next Steps for Installing Solar in Manteno

The nationwide use of solar energy has significantly increased in the past 15 years, in part thanks to the growth in the number of solar incentives. You might receive these incentives from the Illinois government, the federal government or your local utility company. Contact your local solar panel installer today to discover more about the various programs and to save the most money possible on solar panels for your Manteno home.