Grants and Rebates
There has never been a better time to install solar energy products in your home or business. The Federal government and the state of Illinois are offering outstanding rebates to help offset the costs associated with purchasing and installing solar energy products. This is an effort to boost the use of solar energy throughout the United States because it is a clean and renewable energy source that is 100% environmentally friendly. These rebates have some stipulations, and at Solar Energy, we will be happy to explain what is needed to qualify.
There are two primary sources of funding for solar systems - State and Federal governments:
State Rebate: The State of Illinois offers a 25% rebate to help Illinois Residents and Business Owners pay the costs of installing solar energy products in their homes. The funds are typically allocated on a first come first serve basis until the budget has been spent. Home owners are eligible for a rebate for both a solar thermal and solar electric system.
Federal Tax Credit: Effective January 1, 2009 the IRS extended tax credits for solar thermal and solar electric systems (PV). Both are eligible for a 30% uncapped Federal Tax Credit.
Solar Renewable Energy Certificates (SRECs)
SREC's are a form of Renewable Energy Certificate or "Green tag". SRECs exist in states that have Renewable Portfolio Standard (RPS) legislation with specific requirements for solar energy, usually referred to as a "solar carve-out". SRECs represent the environmental attributes from a solar facility, and are produced each time a solar system produces one megawatt-hour (MWh) of production. The additional income received from selling SRECs increases the economic value of a solar investment and assists with the financability of solar technology. In conjunction with state and federal incentives, solar system owners can recover their investment in solar by selling their SRECs through spot market sales or long-term sales.