2023 Solar Incentives Guide for Round Lake Beach, IL - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Round Lake Beach.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2023 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 Round Lake Beach solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 04, 2023

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 Round Lake Beach?

Special Assessment for Solar Energy Systems

Incentive Type:
Property Tax Incentive
Varies

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/


Solar incentives are designed to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Various kinds of incentives, such as discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be offered by the Illinois government, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:

  • Rebates: Your solar installer might help you claim a rebate, or partial refund of your 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 come off your total price before any tax credits are calculated.
  • Net Metering: Net metering becomes relevant once your solar system is up and running. If you've signed a net metering agreement with your Round Lake Beach utility company, it will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this credit is dollar-for-dollar, while in other places you might receive a refund equivalent to a percentage of the value.
  • Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the federal government. Tax credits are different from tax deductions.
  • Tax Exemptions: Tax exemptions may come in two forms. The first is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption, which allows you to ignore the value added by your solar system when calculating property tax for your home.
  • Solar Renewable Energy Certificate (SREC): SRECs are credits that can be sold to your utility company (or other buyers) for money that typically becomes part of your taxable income. Typically, a certain (small) threshold of energy production must be met before your solar system can earn SRECs or other performance-based incentives. These kinds of incentives are normally handled by your state government.

Federal Solar Incentives

When thinking about solar incentives, federal incentives are likely the first thing that comes to mind. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a predetermined percentage of the cost of your solar system.

The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost — for panels, labor, equipment and accessories — although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.

Your local Round Lake Beach solar panel installer can provide you with more information about the ITC and how it might apply to your situation.

In August 2022, the ITC (now titled the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The new Clean Energy Credit now runs until 2035. Homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022 and will be done by December 31, 2032. The total credit will then be decreased by a few percentage points every year until the date of expiration. The program expansion also makes credits for energy storage systems even easier to claim, starting in 2023.

Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit will apply to you is to talk with your local Round Lake Beach solar panel installers.

State & Local Solar Incentives

In addition to those provided at the federal level, there are often also state solar incentives. Tax credits, rebates and more may be available at a more local level. Certain incentives are offered for only a limited time, while others are ongoing. These local incentives could come from the Illinois government, or from your specific county or municipality.

Next Steps for Installing Solar in Round Lake Beach

There are a number of different solar incentives: those offered by local utility companies, those offered by the federal government and those offered by the Illinois government, to name a few. Solar energy use has increased enormously in the last 15 years, thanks to these incentives. Talking to your local Round Lake Beach solar panel installation expert is the best first step towards making sure you get all the incentives you qualify for when you switch to solar energy.

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

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

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

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Round Lake Beach, IL Solar Incentives FAQs

How do I know if I qualify for specific solar incentives?

Generally, solar incentives apply to:

  1. a new solar system
  2. installed on a property that you own
  3. within the U.S.
  4. between the dates specified by a particular incentive.

Specific incentives, including those run by the Illinois government or by your county/municipality, could have additional qualifications. Speak with your local Round Lake Beach solar installer to find out what incentives your project may qualify for.

How much can I save on my electric bill annually if I add solar panels to my Round Lake Beach home?

When you add solar panels to your Round Lake Beach home, you can anticipate savings of approximately $715.19 per year, or approximately $13,588.54 over 20 years.

What are some environmental benefits of adding solar panels to my house?

You can reduce your carbon footprint by 450 pounds of CO2 annually when you install solar panels. This adds up to roughly 9,000 pounds over 20 years. Solar is also a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.

If I switch my appliances out for ones that can use solar energy, are there any benefits I can claim?

With the passage of the new Inflation Reduction Act, there are a variety of new financial incentives that are available when you make eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.

Can I use a combination of solar and another type of renewable energy to power my home?

Yes, you can use multiple types of renewable energy to power your home — for example, a combination of solar and geothermal. You can also combine renewable energy generation with a non-renewable backup source of energy. Be sure to discuss the details of your plan with your local Round Lake Beach solar installation expert, to get an understanding of what will be needed and what incentives 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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