Within Bond County IL and all across America, there are a number of different tax incentives available for you when buying solar panels in Bond County IL. The government wants to help assist people as they turn to this far more environmentally friendly form of energy.
The Federal credit is a tax credit and is paid out at such time. When you pay for solar panels, you receive a form stating exactly how much the government will be giving you as a tax rebate. Until 2016, the government will refund you for 30% of the total system cost. This is an approximate percentage because it is also based on the predicted energy generated by the panels.
The State credit is refunded upfront when you purchase solar panels. This amount varies based on the state and is a first-come first-serve credit. Many states have no rebates left to give as record-breaking numbers of homeowners have signed up to go solar in the last two to three years.
Federal and State rebates only apply to those who are purchasing panels. If you choose to go with a power purchase agreement or a lease program, the company you sign up with will receive the rebates and factor them into the monthly rate you are charged.
The kind of property you own and are planning on powering with solar energy is essential in determining what your rebate amount will be. Whether you are residential, business or even a government owned property, such as a school, will be an important factor to take into account beforehand. Most of the information on this web site will be aimed at residential home owners looking to go solar.
The need to plan ahead is imperative, as these rebates will not last forever. With a first-come-first-serve basis, you will need to act quickly as you do not want to miss out on what they have to offer. Some utilities will only allow for homeowners to purchase solar in Bond County IL and apply for state rebates during certain months within the year, so it is important to seek out Bond County IL solar professionals in order to understand the rebates in your region.
Making sure that the company installing your solar panels in Bond County IL is licensed is important, as many of these government rebate plans will not accept anything else. Check with the provider and see what they can offer before enquiring about the tax incentives themselves. Once you have done this, you should be far closer to making a more successful application for the tax incentives that are right for you.
