On October 3, 2008, the U.S. House passed legislation (H.R. 1424)
that will extend an investment tax credit of 30% for all solar
installations, whether commercial or residential, effective January 1,
2009 through December 31, 2016. The President has signed this bill into
Law. Residential photovoltaic systems can now take advantage of an
unlimited 30% tax credit, subject to income and deductability
limitations. The cap remains in effect for residential solar thermal
installations. In addition, there is also a Residential Tax Credit for
small wind systems, $500 per 1/2 kilowatt, up to $4,000. The Illinois
Department of Commerce and Economic Opportunity has released the Fiscal
Year 2009 rebate guidelines. As of now, however, the funds for this
program have been redirected for other uses by the State Legislature.
If you have any questions about the program, please feel free to
contact us.