Did you know there are many benefits to owning your solar panel photovoltaic system versus leasing? The main reason is because you get to keep all of the incentives, which can add up to create a speedy ROI when going solar. Here are some available incentives:

• Net-Metering

One-for-one net-metering is a great incentive that your electric utility company may offer.  The net-meter measures power “delivered” (DEL) to your house or “received” (REC) by the utility from your solar array.  At month end, excess kWh credits are used to offset power delivered to your house.  The “net” power delivered to your house forms the basis for calculating your electric bill for that month. If you generated more power than you consumed, excess kWh credits carry over to the next month.

• 30% Federal Investment Tax Credit (ITC)
  

A tax credit is a dollar-for-dollar reduction in income tax due to the federal government. The Energy Policy Act of 2005 created the ITC, and in August of 2022 President Biden signed the Inflation Reduction Act (IRA) that extended the ITC to 30% until 2032 for residential solar.  The ITC will step down to 26% in 2033, 22% in 2034, and then 0% in 2035 and thereafter.

• Illinois Solar Renewable Energy Credits (SRECs)
  

In Illinois, SRECs provide an outstanding incentive that helps an owner recoup a solar system’s investment. SRECs help states meet Renewable Portfolio Standards (RPS), which set goals for generating a percentage of the state’s overall electricity from renewable energy. In Illinois, an SREC can potentially cover 30 - 50% of the total solar investment.

Stateline Solar customers own their solar arrays and benefit from these incentives, if applicable. To verify which incentives apply to you, contact your tax preparer when deciding to go solar. If you’re an ag or business owner, there are even more incentives that could benefit you.

For more information, please contact:

Stateline Solar

310 W. Main St.

Lena, IL 61048

Ph: (815) 580-3011

statelinesolar.net