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.

How are solar farms taxed in illinois.

When you join one of our illinois solar farms you will support locally produced renewable energy. These credits are automatically applied to your utility bill for your convenience. Top solar programs in illinois. Illinois solar power incentives tax breaks and rebates.

The solar property tax legislation sb 486 creates certainty around the property tax revenue to be paid by solar farms to local taxing bodies the illinois solar energy association isea which helped to develop the bills said on monday. 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. Illinois renewable portfolio standard rps means the state is committed to producing 25 percent of its electricity from renewable resources by 2025. It s a perfect incentive for businesses farms homes non profits government buildings others to take advantage of.

Public act 100 0781 deals with how property taxes are calculated for land hosting ground mounted commercial solar systems. The incentive is called a solar renewable energy credit srec and it s administered by the illinois shines program. Illinois has two main solar policies that will have the biggest financial impact on your investment. 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.

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. The legislation was. Real property the landowner could become a de facto guarantor of the solar farm s property taxes as the municipality could levy a tax lien against the landowner s property if the solar farm taxes are unpaid. Then you will receive solar bill credits for the solar energy produced by your assigned portion of the clearway community solar farm.

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. And unless there is a pilot agreement where the. Commercial solar energy systems valuation history of cpi s and trending factors used for commercial solar energy systems valuation. Isea is the state resource for renewable energy related policy developments educational classes events and access to local renewable energy vendors.

If a developer s solar farm is classified as an other or affixed thing i e. The adjustable block program.