Homeowner Incentives
With both the U.S. federal government and Illinois state government incentivizing homeowners and business owners to go solar, now is a fantastic time to make the switch. By choosing Midwest Solar Solutions for end-to-end service including designing, installing and servicing your system, you are future-proofing your home against escalating utility bills.
Combat the 2 to 4 percent average annual increase of your energy bill by locking in solar — without the risk of those payments increasing. By paying for power upfront for the next 25 years with the installation of a solar system, you save money while adding security and value to your biggest asset: your home. And to learn more about the additional incentives available for commercial properties, click here.
Investor Owned Utility Incentives
In an effort to increase the rate of homeowners adopting solar, the state of Illinois has required that Investor Owned Utility Companies offer both a smart inverter rebate as well as an ESS rebate for battery systems. If you are an Ameren consumer you would be eligible for these incentives.
The smart inverter incentive is $300/kw DC installed.
The Energy Storage System rebate (ESS) is $300/kwh installed
State Incentive: Illinois Shines Program
Illinois homeowners are further incentivized to adopt solar through a state-administered incentive program. The Illinois Power Agency (IPA) was tasked with meeting a goal of 40 percent renewable energy by the year 2030 and 100 percent sustainable energy by 2045.
For the IPA to achieve this, the agency collects funds from the state’s three largest utility companies, who make their money from paying customers like you. The extra money getting pulled from customers’ utility bills can only go to Illinois residents who use solar energy.
So, how does this process — known as Illinois Shines or the solar renewable energy credits (SREC) market — work for you?
The value of each SREC is pre-determined annually on a schedule set by the Illinois Power Agency. As more Illinois residents elect to go solar and soak up the allocated funding, SREC amounts dwindle. SREC blocks fill up on a first-come, first-serve basis. The sooner you have a signed agreement with an approved Illinois Shines vendor — like Midwest Solar Solutions — the likelier you are to receive the higher SREC value.
To incentivize homeowners to purchase solar the State Of Illinois has added an additional $20/rec for customer owned systems. This additional REC adder has significantly improved the ROI of owning a solar system. The REC payments will be 50% up front with the remaining 50% paid out quarterly over 6 years. Check out our case studies to see how the SRECs and ITCs save our customers thousands of dollars.
Start Your Solar Journey
Understanding the different incentives available on the residential and commercial side can be a bit daunting, so we’re here to help. Midwest Solar Solutions will guide you through which incentives you’re eligible for. We get this is a big financial commitment and want to arm you to make the best decision for your specific property. Our friendly team of solar professionals is looking forward to assisting you!