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

In this guide, we'll cover the latest solar incentives and rebates available in Oak Park.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Oak Park solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated June 24, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

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

Special Assessment for Solar Energy Systems

Incentive Type:
Property Tax Incentive

ComEd - Energy Efficiency Program for Residential

Incentive Type:
Rebate Program
Appliances
Air Purifier: $50
Clothes Washer: $50
Dehumidifier: $50
Electric Clothes Dryer: $50
Freezer: $50
Refrigerator: $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
Miscellaneous
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

Incentive Type:
Solar Renewable Energy Credit Program
Negotiated with procurement administrators

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

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


The phrase "solar incentives" refers to financial incentives put in place by solar companies and the government to encourage the adoption and use renewable energy by making solar panels more affordable. Solar 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 utility company, county or municipality. Categories of solar incentives include:

  • Tax Exemptions: These can come in the form of property tax exemptions, which can let you ignore the value added by your solar panels when paying taxes on your home. You may also qualify for an exemption on sales tax at the time of purchase.
  • Rebates: A solar rebate is a partial refund after the purchase of your solar panels. Rebates could be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before calculating tax credits.
  • Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
  • Net Metering: You may be able to sign a net metering contract with your Oak Park utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your monthly utility bill.
  • Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives may be available to you if the solar system on your home produces more than a specified (typically small) amount of electricity. These types of incentives are generally handled by the state government. You can sell any SRECs you have to your utility company or other buyers, and the money you make is usually considered part of your taxable income.

Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

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

Best Technology

Tesla Energy

★★★★★
3.2
  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

Federal Solar Incentives

Federal incentives are the type of incentives that you are most likely to have some familiarity with. The Federal Solar Investment Tax Credit, or ITC, is probably the most commonly known federal solar incentive. The ITC provides a tax credit for a set percentage of the cost of your solar system.

The ITC was originally for 30% of the total cost of solar system installation, and has fluctuated slightly over the years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of accessories, equipment and labor. There is no maximum amount you can claim. 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.

Talking to your local Oak Park solar panel installation expert is the best way to understand how the ITC could apply to you.

The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now qualify for 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. This percentage will then begin to decrease yearly until the Clean Energy Credit expires in 2035. The program expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.

More information about the new Inflation Reduction Act can be found here. The easiest way to learn more about how the new Clean Energy Credit will apply to you is to get in touch with your local Oak Park solar panel installation expert.

State & Local Solar Incentives

Some solar incentives may be offered at the local or state level. Similar to federal incentives, these could include tax credits, rebates and more. Certain incentives are ongoing, while others may only be available for a limited time. They may be provided by your county or municipality, or by the Illinois government.

Next Steps for Installing Solar in Oak Park

There are a variety of solar incentives: those offered by local utility companies, those offered by the Illinois government and those given by the federal government, to name a few. Solar energy use has grown tremendously in the last 15 years, thanks to these incentives. Speaking with your local Oak Park solar panel installer is a great first step towards making sure you get all the incentives you qualify for when you switch to solar energy.

EcoWatch's Oak Park, IL Solar Incentives FAQs

My home already has solar panels installed. Do I qualify for any incentives?

An excellent idea would be to talk to a representative from the company that installed your system – or get in touch with a local Oak Park solar installer — to better understand which incentives you may qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.

What are the best solar panel installation companies near me?

To find a top-rated solar panel installer, check out our guide to Oak Park's top solar panel companies.

How long until the federal solar tax credit ends?

The federal solar tax credit, previously called the ITC and now called the Clean Energy Credit, is set to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.

Can I use multiple types of renewable energy to power my home?

You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you discuss your plan with your local Oak Park solar installation expert. They can help you plan your project and educate you on the various incentives that you will or won't qualify for.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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