Residential & Commercial systems
Federal Tax Credit: Residential & Commercial Solar Thermal and Solar Electric systems are eligible for a 30% uncapped Federal Tax Credit. This is the most generous tax credit in history saving homeowners thousands on their installed purchase price.
In addition, commercial systems are eligible for an accelerated depreciation allowing for 85% of the value to be claimed over a 5 year period, greatly reducing the net investment for solar!
State Rebate: Once a year, the State of Illinois offers a cash rebate to encourage the utilization of clean energy. Applications for the 2013-2014 program have expired and we anticipate the state will announce the 2014-2015 program in late August or early September. The program offers different rate structures based on the technology and the legal status of the applicant. Funds will be allocated in a lottery system and the first round of award letters will be issued in late September 2014. The state will maintain a waiting list and will potentially offer funding to additional projects as they monitor the status of approximately a $1.5million budget. Speak to a Solar Service Representative for information regarding your eligibility. For more information about this self funded program, please go to the Department of Commerce and Economic Opportunity website.
Residential Solar Thermal: Systems qualify for a 30% cash rebate capped at $10,000.
Residential Example - sample 2 panel hot water system*
$12,500 Base Price
($ 3,750) Less 30% Federal Tax Credit
($ 3,750) Less possible 30% State Rebate
$ 5,000 Total Out-of-Pocket Expense
Residential PV: Systems qualify for a 25% rebate capped at $1.50 or $10,000 whichever is lower.
Residential Example - 4kW PV system
$20,180 Base Price
($ 6,054) Less 30% Federal Tax Credit
($ 5,045) Less possible 25% State Rebate
$ 9,081 Total Out-of-Pocket Expense
Commercial Solar Thermal: Systems qualify for a 30% cash rebate capped at $20,000 for businesses and $30,000 for public sector and non-profit entities. Pricing varies based on system goals and site parameters.
Commercial PV: Systems qualify for a 25% cash rebate capped at $20,000 or $1.25/watt for businesses, whichever is lower. Non-Profit and Public Sector entities qualify for a 40% cash rebate capped at $30,000 or $2.50/watt, whichever is lower.
Commercial Example - sample 10kW PV array*
$50,000 Base Price
($15,000) Less 30% Federal Tax Credit
($ 8,500) Less Accelerated Depreciation (assumes 20% tax bracket)
($12,500) Less possible 25% State Rebate
$14,000 Total Out-of-Pocket Expense
* (actual pricing varies based on system sizing and complexity of installation. Larger systems have a lower per/watt cost.)
Solar Service has assisted commercial customers to collectively fund over $15m in project costs over the past 3 decades. Speak to a Solar Service Representative to see how we can help you too.
- Illinois Clean Energy Community Foundation: The Illinois Clean Energy Community Foundation helps non-profit groups and local government organizations to purchase and install renewable energy technologies by providing grants up to 60% of project costs. These funds are capped at $100/s.f. of collector area for thermal installations and $2.40/watt for PV installations. All renewable energy proposals are considered twice a year during the Foundation's two competitive grant cycles. The application periods begin in January and July (PV) and March and September (thermal). Awards are typically announced two months later.
- State Grant: The Illinois Department of Commerce and Economic Opportunity (DCEO) offers grants for large-scale solar and wind projects located in Illinois. Applications are due November 7, 2013. Terms are as follows:
- For-Profit businesses qualify for 25% of PV project costs capped at $1.25 per watt or $250,000. Thermal projects qualify for 30% grants, also capped at $250,000.
- Non-Profit and Public Sector projects are eligible for up to 40% of project costs capped at $2.50/watt or $250,000 whichever is lower.