Harnessing solar energy does not generally cause any pollution. Although, there are emissions associated with the manufacturing, transportation and installation of solar power systems. It is explicit that solar energy reduces our dependencies on non-renewable energy sources. This is an important step in fighting the climate crisis.
A large portion of your monthly expenses can be from electric bills. A solar panel system, you’ll generate free power for your system’s entire 25+ year life cycle. Even if you don’t produce 100 percent of the energy you consume, solar will reduce your electric bill substantially.
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The installation crew do their work
Solar panels convert sunlight to power
Net metering is one of the best state incentives available for solar system owners and could cover 100 percent of your energy needs. It’s pretty simple: if your solar system produces more energy than you need, you’ll receive credits on your utility bill so that you can use it when needed.
Illinois requires 1.5% of its electricity to come from solar. That means solar panel owners can sell the power they produce in the form of Solar Renewable Energy Credits, or SRECs, in order to help utilities to reach this goal. An SREC is created for every megawatt hour of electricity produced by a solar generator. The power your panels produce are given ‘Energy Credits’ that earn you cash. Under the AB Program, SRECs are sold at fixed prices, giving you you more consistent payments for your power over a longer period of time. The amount you earn for your SRECs will depend on a number of factors including block capacity, solar installation size, and utility.
On top of net metering and SRECs, solar system owners are also eligible for the Federal Investment Tax Credit, or ITC, if you buy your own solar system outright.* The tax credit amounts to 30% of the cost of purchasing your solar system, but only after deducting the value of your state rebates. However, ITC credits will begin stepping down from 30% at the end of 2019. The tax credit for systems in service after 12/31/19 will drop to 26%. After 12/31/20, it’ll drop even further to 22%.4 That’s why the time to go solar is now. But not to worry—we can help you maximize on all the solar savings available to you.