Want to lead Illinois's transition to solar energy?
The beautiful state of Illinois has a history flush with champions. Illinois launched Abraham Lincoln to the presidency and was the first state to ratify to the 13th Amendment, thereby championing the abolition of slavery. Chicago has produced some of the greatest sports champions in history, including his Airness Michael Jordan who led the Bulls to 6 national titles. And now you can be a champion of energy independence with one of Dividend’s solar specific loans.
Reducing your carbon footprint and your reliance on traditional sources of utility power, like coal and natural gas, is a great reason to join the rooftop revolution. Illinois has set a goal of producing 25% of the state's power through renewable sources, like wind and solar, by the year 2025. But that isn't the only reason going solar makes sense (and cents). Homeowners are eligible for a 26% Federal Investment Tax Credit (ITC) when they choose to go solar. This means that you can realize substantial savings through solar ownership by deducting 26% of your system's price from what you owe Uncle Sam at tax time. The state also offers a Solar Renewable Energy Credit (SREC) program to further incentivize investments in solar energy. Plus, utility companies in the state offer Net Metering to compensate you for any excess energy produced by your solar system.
With savings like this and one of our solar specific loans, Dividend Finance is making solar ownership a guaranteed win.
Home Solar in Illinois Is More Affordable than Ever Before
- Federal Tax credit may be available
- Renewable Energy Credits (RECs)
- Sell Your Extra Production with Net Metering
How Going Solar in Illinois Works
Step 1: Sign up online
Step 2: Talk to a solar specialist
Step 3: Check out your custom design
Step 4: Relax during installation
Step 5: Watch your savings grow
Illinois is one of the top states to go solar and maximize your savings. Aside from saving money on your electric bill, there are three other key incentives that help solar ownership in Illinois make sense: 1) the 26% federal tax credit, 2) Renewable Energy Credits, and 3) Net metering.
First, the federal government offers a 26% tax credit which is available in all 50 states. This credit is applied to the federal taxes you pay each year, thereby lowering the net cost of your solar system, and has been extended to last until at least 2020. This credit is a great benefit of going solar: money that you would otherwise pay in taxes can now be used to own your solar system sooner. It is important to note that you can only reap the benefits of the federal tax credit* – which can cover up to 26% of your system's cost – if you own your system directly (instead of leasing it or choosing a Power Purchase Agreement). With the Dividend Finance EmpowerLoan, you own your system and you get all of the economic benefits of going solar in Illinois.
Secondly, Illinois offers Renewable Energy Credits which can generate thousands of dollars of cash savings in addition to your utility bill savings. For more information on RECs, please see the next question!
Finally, like many other states, Illinois utilities have Net Metering policies which allow homeowners to be credited for extra energy fed back to the power grid. If designed optimally, a homeowner can expect to offset 100% of their current electricity use while also having some left over to sell back to the grid.
*Dividend Finance does not provide tax or legal advice. Please consult your tax advisor for more information.
In Illinois, the typical solar energy system will produce between 6-10 megawatt hours of electricity each year, and every 1 megawatt hour of production also generates 1 Renewable Energy Credit ("RECs"). RECs can be sold to utility companies which allows them to meet their required quota of renewable energy production.
From a homeowner's perspective, Renewable Energy Credits are an additional source of savings that can add thousands of dollars of cash savings each year – on top of your utility bill savings! These RECs are a key driver of the economic benefits of going solar in Illinois, and help homeowners save money immediately.
The combination of the 26% Federal Tax Credit, the Renewable Energy Credits and the ability to offset the cost of electricity from your utility company make going solar in Illinois a slam dunk (from the foul line!).
When you begin to generate your own solar power, your utility bill can drop significantly. How much you can save will depend on the size of your solar system, your electricity usage, your current utility rates, and other factors. Our team and partners can design a system for you using remote assessment tools, and can present you with a system designed specifically for your home to give you a sense of your expected solar savings.
Working with the best solar installers in Illinois, Dividend Finance offers its customers a better, simpler way to go solar.