In the great state of Illinois, it’s more than just residential and business customers making the switch to solar. With a plan to have 40% of its energy come from renewable sources by 2030 (and 100% by 2050!), the Prairie State is a great place to take your nonprofit solar. Here are a few things you’ll want to know before getting started.
Impress your stakeholders with smart investments
Investing in solar is a great way to reduce your overall operating expenses and show your supporters you are committed to sound investments that maximize your financials for the long term.
By choosing solar, your nonprofit can strengthen your brand with stakeholders and help reinforce your mission. Making the switch to solar is a great way to further engage your community (for instance, by introducing an educational component to your solar installation) and show that you care about the stability and security of not only your organization, but the planet as well!
Check out grants and incentives for nonprofits
Thanks to the wide variety of incentives available, there’s no better time for your nonprofit to consider solar. Here are a few of the main incentives available:
The Investment Tax Credit (ITC), which allows businesses to deduct up to 30 percent of the cost of their solar panel systems from their federal taxes, is designed to benefit nonprofits as well. Nonprofits and other tax-exempt entities—like municipalities and Tribal governments—can apply for direct pay reimbursement equal to the value of the tax credit. There are also six additional bonus credits that can be applied for. Four of the credits relate to Low-Income Communities and there are two other stackable bonus credits of 10% if a project is located in an “energy community” or for projects that meet domestic manufacturing requirements.
As with all solar installations in Illinois, nonprofits qualify for net metering. This program allows you to sell any excess energy your panels produce back to the grid at the exact same rate you would be charged if you were purchasing it.
Illinois truly does shine
The Illinois Shines program is dedicated to helping Illinois achieve their renewable energy goals. It offers financial incentives, through the purchase of Renewable Energy Credits, or RECs, from Distributed Generation and Community Solar projects. Their website has a number of helpful resources, including a list of approved vendors who are pre-approved to submit project applications to the program and act as a counterparty to the Illinois Shines contracts with utilities.
All of these could mean big savings on your nonprofit’s solar panel installation, and long term savings on your organization’s energy bills. Contact us today to see how we can help you get started.