2023 Solar Incentives Guide for Morrison, IL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Morrison.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Morrison?
Special Assessment for Solar Energy Systems
ComEd - Energy Efficiency Program for Residential
Air Purifier: $50
Clothes Washer: $50
Electric Clothes Dryer: $50
Room Air Conditioner: $25
Refrigerator/Freezer Recycling: Free pickup and $50, plus an additional $10 if recycling a room A/C at the same time
Heating & Cooling
Air Source Heat Pump: $400 - $600
Central A/C: $300 - $600
Ductless Mini-Split Heat Pump: $400
Geothermal Heat Pump: Up to $6,000/home
Furnace Blower Motor (ECM): $50 - $100
Advanced Power Strip: $10
Air Sealing: Up to $400/home
Attic Insulation: Up to $300/home
Duct Sealing: Up to $500/home
Lighting: In-store discounts, varies
Pool Pump: $275
Smart Thermostat: $100
Wall Insulation: Up to $400/home
Solar Renewable Energy Credits
Jo-Carroll Energy - Energy Efficiency Rebate Program
Clothes Dryer: $ 25
Clothes Washer: $25
Heat Pump Clothes Dryer: $50
Refrigerator/Freezer Recycling: $25
Window A/C Recycling: $25
Ground Source Heat Pump: $400 - $700/ton
Air Source Heat Pump & Mini Split: $200/ton
Furnace with ECM Blower Motor: $35/unit
Water Heaters & Flow Restrictors
High Efficiency Electric Water Heater: $125 - $300/unit
Solar Storage Water Heater with Electric Back-Up: $300/unit
Heat Pump Water Heater: $300/unit
Flow Restrictors: $1 - $5/unit
LED Exit Sign: $5/sign
LED Lamp/Fixture: $1/800 lumens/fixture
Occupancy Sensor: $5/sensor
Fireplace Insert: $50
Furnace or Boiler: $125
Water Heater: $50
Pool Heater: $10% of equipment costs up to $150
Hot Tub: $10% of equipment costs up to $150
Fuel Switching: $100
Deck Heater: 10% of equipment costs up to $100
Outdoor Fire Pit: 10% of equipment costs up to $100
Grill: 10% of equipment costs up to $100
Insulation and Air-Sealing:
Home Air-sealing: 50% of cost
Home Energy Audit: Full rebate of audit cost (i.e., $300) after completing projects as recommended in the audit
Home Insulation: 50% of cost
New Home Program: $500
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" refers to a wide 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. You may qualify for several types of incentives, including cash back, discounts or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Illinois government and others from the federal government. Some broad categories of solar incentives include:
- Tax Exemptions: Your solar system could qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to ignore the value that solar panels add when you are calculating property taxes on your home.
- Solar Renewable Energy Certificate (SREC): SRECs can be sold to your utility company (or other buyers) for cash that typically becomes part of your taxable income. In most cases, you must meet a certain (small) threshold of energy production before your solar system can earn SRECs or other performance-based incentives. These kinds of incentives are generally handled by your state government.
- Net Metering: You may be able to sign a net metering contract with your Morrison utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then deduct this value from your utility bill each month.
- Rebates: A rebate is a partial refund after the purchase of your solar panels. These may be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the amount of income tax you owe the government. These differ from tax deductions.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. The Federal Solar Investment Tax Credit, or ITC, is the most commonly known federal solar incentive. The ITC allows you to claim a tax credit for a predetermined percentage of your solar system's cost.
The ITC applies to solar panels installed after January 1, 2006 on a primary or secondary residence that you own in the United States. The credit initially covered 30% of the total cost — for panels, accessories, equipment and labor — although it may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.
Talking to your local Morrison solar panel installation expert is the best way to learn more about how the ITC applies to you.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now dubbed the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. American homeowners are now eligible for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. The credit will then decrease annually until its expiration. Starting in 2023, the expansion will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. To best understand how the new Clean Energy Credit might apply to you, speak with your local Morrison solar installation company.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more may be offered at the state and local level. These incentives might be distributed by the Illinois government, or by your county or municipality. Certain incentives are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Morrison
Solar incentives may be provided by the Illinois government, the federal government or your local utility company. The variety of solar incentives available has contributed to a large increase in solar energy use in the last 15 years. Getting in touch with your local Morrison solar panel installer is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Morrison, IL Solar Incentives FAQs
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