Illinois’ net metering policy means your utility will buy back any excess electricity your solar system produces. Net metering ensures that you benefit from the full value of your solar panels and is a great way to balance out your electricity production and consumption, can be tricky sometimes.
Commonwealth Edison offers the top utility net metering program in Illinois. Be sure to check if your utilities company is offering net-metering, Illinois can only require investor owned companies to offer the service.
ComEd, one of IL’s largest utility companies, provides rebates for commercial and industrial (C&I) customers to help decrease the out-of-pocket costs of installing solar. If you’re a ComEd customer and install solar on your business, you’re eligible for $250 per kilowatt (kW) of installed solar power. To receive the rebate, your solar panel system cannot be larger than 2,000 kW in capacity.
These two tax incentives offered in Illinois can make going solar even more affordable:
Worried about your property tax bills going up because of the value your solar system will add to your home? Don’t be. The Special Assessment for Solar Energy Systems means that you will be taxed as if the panels were not even there. This means this is a great investment to add value to your home without stretching your pockets!
And the incentives don’t stop there! The federal government also wants to reward your choice to go solar! With the Investment Tax Credit (ITC), you can reduce the cost of your PV solar energy system by 26 percent. Keep in mind that the ITC applies only to those who buy their PV system outright (either with a cash purchase or solar loan), and that you must have enough income for the tax credit to be meaningful.