2024 Solar Incentives Guide for Richton Park, IL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Richton 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.
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What Solar Tax Credits, Incentives, and Rebates are Available in Richton Park?
Special Assessment for Solar Energy Systems
ComEd - Energy Efficiency Program for Residential
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
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" broadly refers to financial incentives that are in place to encourage the use of renewable energy by making installing and using solar panels more affordable. You may qualify for several kinds of incentives, such as cash back, discounts or credit towards your monthly utility bill, 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. You might qualify for any of the following types of solar incentives:
- Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Tax Exemptions: Your solar system may qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you ignore the added value of the solar panels when you are calculating property taxes on your home.
- Rebates: Solar rebates may be provided by your local utility company, or by your county or state. These rebates are essentially partial refunds that are applied after you purchase a solar system and before tax credits are calculated.
- Net Metering: You may be able to sign a net metering agreement with your Richton Park utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then subtract this value from your monthly utility bill.
- Solar Renewable Energy Certificate (SREC): SRECs and other similar performance-based incentives are generally handled at the state level. Once your solar panel system meets the qualification threshold (typically a small amount of energy production), you can receive SRECs that can be sold to your utility company or other buyers. The money you receive from the sale is usually considered part of your taxable income.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- 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
When you think about solar incentives, you probably think of federal incentives first. An incentive that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a given percentage of the cost of your solar system.
The ITC is applied to the total cost of solar system installation, including the panels themselves as well as labor, accessories and equipment. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum claim amount.
To understand exactly how much the ITC could save you, get in touch with your local Richton Park solar panel installation expert.
In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit; the amount will then decrease slightly on a yearly basis until the current program ends. Starting in 2023, the program 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 better understand how the new Clean Energy Credit might apply to you, speak with your local Richton Park solar installation company.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. As with federal incentives, these might include rebates, tax credits and more. Some incentives are offered for only a limited time, while others are ongoing. Your local incentives might come from your county or municipality, or from the Illinois government.
Next Steps for Installing Solar in Richton Park
The variety of solar incentives available has helped tremendously increase the use of solar power nationwide over the past 15 years. You may receive solar incentives from your local utility company, the Illinois government or the federal government. If you're prepared to make the switch to solar energy, reaching out to your local Richton Park solar panel installation expert is a great first step.
EcoWatch's Richton Park, IL Solar Incentives FAQs
How can I learn if I qualify for certain solar incentives?
In most cases, solar incentives apply to:
- a new solar system
- installed on property you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including ones handled by the Illinois government or by your county/municipality, may have additional qualifications. Talk to your local Richton Park solar installer to find out what incentives your project will qualify for.
How much can I save on my electric bill annually if I install solar panels on my house in Richton Park?
On average, Richton Park homeowners who install solar panels save about $707.72 per year, or around $13,446.62 over 20 years after they make the switch.
Who installs solar panel systems near me?
To discover the top solar panel installers near you, read our article on the best solar companies in Richton Park.
What are some of the environmental benefits of switching to solar?
Solar energy is renewable — by switching where you get your energy, you help lessen the strain on our planet's resources. A solar system can also lower your home's CO2 emissions by 450 pounds annually, or around 9,000 pounds over 20 years.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order that incentives will be applied in could vary depending on which incentives you receive but in most cases yes, you can receive multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to confirm you are claiming all possible incentives and applying them in the correct order.
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.