State and federal incentives could bring the cost of a $25,000 rooftop solar system down to approximately $7,500.
Edward Carrico, with Solar Service in Niles, installs solar panels on a home in March 2017 in Lake Zurich.Advertisement
Those who don’t pay enough taxes to claim the 30% federal tax credit can now get the full amount anyway, via a check from the government, Greco said. The federal solar tax credit — increased and extended 10 years under the Inflation Reduction Act — is retroactive through the beginning of 2022. The state solar incentive is calculated based on how much electricity your solar panels are expected to generate in the first 15 years, with a dollar amount assigned to each kilowatt-hour of energy.The state solar incentive is equivalent to roughly 40% of the cost of a rooftop solar system, according to the Illinois Power Agency, or about $10,000 for a $25,000 system.