Residential Solar Financing and Incentive Opportunities
Going solar has never been easier. With the 30% federal tax credit coupled with state incentives and solar rebates, particularly in Illinois, recoup the initial investment faster. With solar financing, purchasing can be reduced to a simple monthly payment. Often, deferral of the monthly payment by up to 18 months may be possible allowing you time to monetize the solar incentives. There is a lot of information to understand. Tick Tock Energy will help you understand what incentives are available to you, how to apply solar financing, and complete your solar purchasing plan.
The Cost of Waiting To Install Solar is High
Tick Tock the clock is ticking. Are you waiting to invest in solar power because of the upfront cost? With each passing month, high electric bills eat at your budget. Why not redirect your monthly utility payment toward a solar loan instead? Take advantage of solar incentives and flexible solar financing to make your dream of owning a solar power system a reality.
Apply these 3-Steps to Pay for Solar
Tick Tock Energy has partnered with national residential solar loan provider SunGage which offers creative plans to help make going solar easy. Are you cautious about taking on debt? Consider a solar loan as “smart debt” which can help you purchase solar and lower your electric bill. By freeing up cash that normally are paid to the utility, you can apply those funds toward a solar loan payment instead.
Step 1: Install Solar & Reduce Your Electric Bill
By lowering or monthly electric bill, you free up funds that now can apply to a solar loan. Although a utility bill isn’t considered “debt”, it’s a major expense that feels like debt and a drag on household finances.
Step 2: Capture Lucrative Solar Incentives & Pay Down Solar Loan
It can often take 3 to 18 months to monetize the value of the federal tax credit, Illinois SREC incentive and/or other solar rebates. Once received, a lump sum payment can be applied to pay down a solar loan balance.
Step 3: Continue with Lower Payments or Pay it Off Early
With the creative solar loan structure offered by SunGage, after a loan reduction payment is made, the the remaining loan balance is spread over a long-period you choose. The resulting low solar loan payment is much lower than your old electric bill. At this point, many choose to pay off the remainder of the loan balance at that time. Your choice!
Solar Incentives Help Lower Your Financing Costs
The federal government has offered some form of investment tax credit (ITC) since 2005. The ITC currently stands at 30% for residential installations and captured on your federal tax return. Various states or utility may offer other incentives. In Illinois many other incentives exist. Below is a brief summary of the major incentives available:
Federal Investment Tax Credit (ITC)
The 30% ITC is a $1 for $1 offset of tax liability. You obtain this incentive by attaching the correct IRS form to your annual tax return.
Illinois Shines SREC Incentive
If you’re an Illinois resident, the solar renewable energy credit (SREC) is available. This popular incentive is paid several months after your system is energized but can recoup 20% up to 40% of your system cost.
Illinois Smart Inverter (SIR) Rebate
If you’re an Ameren Illinois or Comed customer, you can qualify for this rebate which is paid by the utility a few months after your project is operational. This incentive often recoups about 7 to 12% of your system cost.
Illinois Distributed Generation (DG) Rebate
This is another incentive only available to Ameren Illinois and Comed customers. The DG incentive is for installation of battery energy storage. As more intermittent solar installations are installed, storing excess solar for assisting with grid energy management is encouraged by the State.
Rural Residential & USDA REAP Grant
If you are a rural homeowner with a farm, you potentially can apply for a USDA grant. This only applies where your farm uses at least 50% or more of total site electricity. The larger your farm electrical use is the more likely eligibility may apply.
Tick Tock Energy’s Mission is Education Focused
Tick Tock’s mission is to make purchasing solar simple and easy. However, there is a lot of information to understand. Our company’s mission is to “Inspire, Educate, and Motivate Individuals and Organizations to Achieve Greater Energy Independence at their home, farm or business.”
Put your trust in a company that is focused on your success.
Ways to Finance Solar Systems
At Tick Tock Energy, we understand financing can play a big part in going solar, especially in the residential sector. Our solar experts work with you to cut your utility costs and help you find affordable and flexible solar financing options for your area. Many families utilize solar incentives and loans to cover the upfront cost of solar and reap the long-term benefits
Ready to Start?
Request a free quote today
Tick Tock Energy is ready to help you invest in a clean solar energy system on your property, capture lucrative solar incentives, reduce long-term electricity costs, and and enhance the value of your property. To discuss your power needs with one of our solar consultants, request an initial consultation and quote today.
Tick Tock has helped countless homeowners across Illinois, Missouri, and Indiana enhance the value of their property and reduce their utility costs with solar power systems. Explore our recent installations below.
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