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Save with Solar Panels & EV Chargers in Chicago, IL

If you’re losing enthusiasm for traditional home energy solutions, it may be time to consider making the switch to solar energy. Homeowners who make the switch are not only doing their part to take care of the environment—they’re also saving big in the process. Kapital Electric is dedicated to helping homeowners like you make a seamless transition away from expensive fossil fuels by investing in the installation of quality solar panels  and electric vehicle chargers that pay for themselves in no time. In fact, in the 2022 tax season, your new solar panels could be paying you!

ILLINOIS TO REBATE 80% OF ELECTRIC VEHICLE CHARGER INSTALL COSTS

Illinois environmental protection agency will create a program that will cover up to 80% of install costs for electric vehicle chargers starting July 1st 2022 as long as prevailing wage is paid for the install. That was included in the climate bill the Governor signed last month. If that community and or person is “environmental justice community/person” they can also get additional incentives.

(20 ILCS 627/55 new) Sec. 55. Charging rebate program. (a) In order to substantially offset the installation costs of electric vehicle charging infrastructure, beginning July 1, 2022, and continuing as long as funds are available, the Agency shall issue rebates, consistent with the Commission-approved Beneficial Electrification Plans in accordance with Section 45, to public and private organizations and companies to install and maintain Level 2 or Level 3 charging stations. (b) The Agency shall award rebates or grants that fund up to 80% of the cost of the installation of charging stations. The Agency shall award additional incentives per port for every charging station installed in an eligible community and every charging station located to support eligible persons. In order to be eligible to receive a rebate or grant, the organization or company must submit an application to the Agency and commit to paying the prevailing wage for the installation project. The Agency shall by rule provide application and other programmatic details and requirements, including additional incentives for eligible communities. The Agency may determine per port or project caps based on a review of best practices and stakeholder engagement. The Agency shall accept applications on a rolling basis and shall award rebates or grants within 60 days of each application. The Agency may not award rebates or grants to an organization or company that does not pay the prevailing wage for the installation of a charging station for which it seeks a rebate or grant.

Solar energy powered home in Chicago

Invest in Solar Energy in 2022

Did you know that by having a solar energy system professionally installed, you automatically qualify for certain tax credits as a reward for your investment? Through 2022, you can earn a 26% return on the cost of your home solar panel installation in the form of a solar energy tax credit. This tax incentive can be claimed the very same year you complete the installation. This means that should you choose to put your tax refund toward your conversion to clean, renewable energy, you’ll be eligible for the tax credit on your 2021 or 2022 tax return. Make sure to keep all your related receipts for documentation purposes, including costs related to:

  • Electrician and contractor fees
  • Permit fees and service costs
  • Solar consultation fees
  • Equipment and material costs

Solar panel roofing on a Chicago home

In addition to the federal tax credit, Illinois customers also receive Solar Renewable Energy Credits (AKA SREC’s) and these credits can be sold to the Illinois Power Association in a onetime payment of 17%-22% of the system. You’ll want to act fast, however—the 26% federal tax credit is only available through the end of 2022. In 2023, the credit will be reduced to 22 percent. From 2024 and onward, only new commercial solar energy systems will qualify for a 10% tax credit. Lastly, businesses can also take advantage of the accelerated depreciation which allows businesses to deduct 100% of the cost of the system the first year.

Illinois to rebate 80% of electric vehicle charger install costs

Illinois environmental protection agency will create a program that will cover up to 80% of install costs for electric vehicle chargers starting July 1st 2022 as long as prevailing wage is paid for the install. That was included in the climate bill the Governor signed last month. If that community and or person is “environmental justice community/person” they can also get additional incentives.

(20 ILCS 627/55 new) Sec. 55. Charging rebate program. (a) In order to substantially offset the installation costs of electric vehicle charging infrastructure, beginning July 1, 2022, and continuing as long as funds are available, the Agency shall issue rebates, consistent with the Commission-approved Beneficial Electrification Plans in accordance with Section 45, to public and private organizations and companies to install and maintain Level 2 or Level 3 charging stations. (b) The Agency shall award rebates or grants that fund up to 80% of the cost of the installation of charging stations. The Agency shall award additional incentives per port for every charging station installed in an eligible community and every charging station located to support eligible persons. In order to be eligible to receive a rebate or grant, the organization or company must submit an application to the Agency and commit to paying the prevailing wage for the installation project. The Agency shall by rule provide application and other programmatic details and requirements, including additional incentives for eligible communities. The Agency may determine per port or project caps based on a review of best practices and stakeholder engagement. The Agency shall accept applications on a rolling basis and shall award rebates or grants within 60 days of each application. The Agency may not award rebates or grants to an organization or company that does not pay the prevailing wage for the installation of a charging station for which it seeks a rebate or grant.

More Ways to Save

You don’t have to wait for your renewable energy credit to start seeing the financial benefit of switching to a clean, environmentally friendly solar panel system; as a homeowner, you’ll be able to start saving from the very first day. By investing in a professionally installed solar system from Kapital Electric, you’ll be free of the costs associated with the transportation and operation of traditional fossil fuel systems. Annual rate increases from your local energy supplier will be a thing of the past. Thinking about selling your home in the future? Installing solar panels now can significantly improve the value of your property. Surveys suggest that home buyers are willing to pay upward of $15,000 more for homes with a preexisting solar panel system.

When you choose Kapital Electric, you’re choosing more than just another electrician. Our team is dedicated to helping homeowners like you get the most out of their home energy systems. If you’d like to learn more about whether solar energy is right for you this 2022 tax season, be sure to give us a call to book a comprehensive, in-home solar consultation.

A commercial EV charging station for cars in Chicago
electric car model

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