Here are some benefits of going solar and the top net metering policies in Illinois:
Benefits of Going Solar:
Reduced electricity bills: With solar panels installed on your property, you can generate your own electricity and reduce your reliance on the grid. This can lead to significant savings on your monthly electricity bills.
Increased property value: Homes with solar panel systems installed typically have a higher property value than homes without them. This can be a significant benefit if you plan to sell your home in the future.
Environmental benefits: Solar energy is a clean and renewable source of energy, which means it doesn't emit harmful pollutants and greenhouse gases that contribute to climate change.
Rebates and incentives: There are various rebates and incentives available to Illinois residents to help offset the cost of installing a solar panel system. (See below)
Net Metering Policies:
Net metering: Illinois has a net metering policy that allows homeowners and businesses to receive credits for excess energy they generate and send back to the grid. These credits can be used to offset future electricity bills.
Solar Renewable Energy Credits (SRECs): Illinois has a SREC program that allows homeowners and businesses to sell their excess solar energy back to the grid. These credits can then be sold to utilities to help them meet their renewable energy goals.
Community Solar: Illinois has a community solar program that allows homeowners and businesses to subscribe to a local solar project and receive credits on their electricity bills for the energy generated by the project.
Illinois has several rebates and incentives available for residents and businesses that install solar panels.
Illinois Solar Energy Association (ISEA) Solar Renewable Energy Credits (SRECs): SRECs are certificates earned by homeowners and businesses for each 1,000 kWh of solar electricity produced. These credits can be sold to utility companies and other entities required to meet renewable energy targets, generating income for the solar panel owner.
Illinois Shines Program: This program provides rebates for solar installations on residential, commercial, and public sector properties. The rebates are based on the size of the solar system and the income level of the applicant. The program also offers additional incentives for low-income households and public entities.
Federal Tax Credit: Homeowners and businesses can claim a federal tax credit of 26% of the cost of their solar system. The credit will decrease to 22% in 2023 and expire for residential systems in 2024.
Property Tax Exemption: Solar installations in Illinois are exempt from property taxes, meaning that homeowners and businesses will not see an increase in their property taxes as a result of installing solar panels.
Net Metering: Illinois has a net metering policy that allows homeowners and businesses to receive credits on their utility bills for excess energy produced by their solar system. This means that solar panel owners can offset the cost of the electricity they use when their solar panels are not producing enough energy.
The top utilities in Illinois with net metering policies include ComEd, Ameren Illinois, and MidAmerican Energy Company. These utilities offer customers the option to participate in net metering programs, which can help offset the cost of installing solar panels.