How Are Solar Farms Taxed In Illinois

There are plenty of incentives for solar power in illinois making a residential pv system an attractive investment. Illinois renewable portfolio standard rps means the state is committed to producing 25 percent of its electricity from renewable resources by 2025. Commercial solar energy systems valuation history of cpi s and trending factors used for commercial solar energy systems valuation.

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How are solar farms taxed in illinois.

Illinois has two main solar policies that will have the biggest financial impact on your investment. The adjustable block program. It s a perfect incentive for businesses farms homes non profits government buildings others to take advantage of. Isea is the state resource for renewable energy related policy developments educational classes events and access to local renewable energy vendors.

The incentive is called a solar renewable energy credit srec and it s administered by the illinois shines program. Private utility companies will give you back 25 of the project cost and then you will be able to apply the 30 federal tax credit on the solar pv system price after the. When you join one of our illinois solar farms you will support locally produced renewable energy. Illinois solar power incentives tax breaks and rebates.

Construction of a new 54 acre 12 1 megawatt mwdc solar farm has been approved by the university of illinois board of trustees as the sole member of prairieland energy inc. These credits are automatically applied to your utility bill for your convenience. Illinois srecs help those solar system owners recoup their investment. Public act 100 0781 deals with how property taxes are calculated for land hosting ground mounted commercial solar systems.

The illinois solar energy association isea is a non profit organization that promotes the widespread application of solar and other forms of renewable energy through education and advocacy. Referred to as solar farm 2 0 the new utility scale array will be located north of curtis road between first street and dunlap avenue in savoy solar farm 2 0 will produce approximately 20 000 megawatt. Top solar programs in illinois. Then you will receive solar bill credits for the solar energy produced by your assigned portion of the clearway community solar farm.

The future energy jobs act set a goal for illinois to get 25 percent of its electricity from renewable sources such as wind farms solar farms and rooftop solar panels by 2025.