There are numerous programs available that will offset and possibly eliminate the cost of a solar pv system.
Federal Solar Tax Credit
The most popular incentive for homeowners and businesses is the Federal Solar Tax Credit. A taxpayer who installs a solar energy system is eligible to receive a 26% tax credit.
Rural Energy for America Program (REAP)
Ag producers and and small rural businesses can apply for grants and
guaranteed loan financing through the Rural Energy for America Program.
More information can be found here-
The Modified Accelerated Cost Recovery System is a depreciation method that businesses use to recover investments in tangible property. See your accountant!
State Incentives (Illinois):
Adjustable Block Program (ABP)
Program capacity for project applications has been filled. Applications submitted to the ABP are being placed on a waitlist. Being placed on a waitlist does not guarantee funding of your project.
It is expected that funding will be available in the spring, though the future of the program is far from certain.
On June 1, 2017 Illinois passed the Future Jobs Energy Act. One of the most important programs within the legislation is called the Adjustable Block Program ( ABP). The ABP reimburses solar owners for the amount of electricity their system generates. For every megawatt-hour of electricity created, a Solar Renewable Energy Certificate (SREC) is issued. What is remarkable about the ABP is that 15 years worth of credits will be paid out in year one for solar arrays up to 10kW's. Larger systems will receive 15 years worth of credits over the course of four years.
To illustrate, consider the following example:
A 7 kW array is producing 10MWh's per year.
The ABP block price* for systems 10kW and less is $81.70.
To determine the reimbursement for 15 years worth of credits-
10 * $81.70 * 15yrs = $12,255.00.
(Disclaimer:This is an example, not a guarantee of payment.)
*Previous block price for Group A.
Blue Stone Solar LLC is a SRECTrade Installer Partner.
Special Property Tax Assessment
Owners of solar energy systems are eligible to file a claim for alternate valuation with the chief county assessment officer. The value of a solar energy system will be assessed at a rate no greater than that of a conventional energy system.
PTAX-330 Application for Solar Energy Assessment can be found here:
The Money That Makes Solar Sense.
© Copyright 2018 Blue Stone Solar LLC