Making the solar switch will not only save money on energy bills, but gives you the opportunity to positively affect your community’s environment in a lasting way. As if doing the right thing for future generations isn’t encouragement enough to take advantage of clean energy, St. Louis area homeowners also have access to some of the most generous financial incentives in the nation.
Thanks to current solar incentives, the decreased cost of solar panels, and rising electric rates, the cost of switching to solar has never been lower.
Read more about various solar incentives below and at www.dsireusa.org/
30% Federal Tax Credit + Rebate = 60% savings off your residential PV system!
30% Federal Tax Credit:
- 30% of Photovoltaic or Solar Water Heating System
Ameren Missouri Solar Rebate:
- $2/watt solar rebate
- Maximum rebate is $50,000 /25,000 watts
Illinois Renewable Energy Solar Rebate Program:
- 25% for residential and business applicants
- 40% for public sector and non-profit entities
- Maximum rebate of $10,000
*Funds will likely be available again in late September 2013
*Learn more at Illinois Department of Commerce & Economic Opportunity
How to File for the Federal Tax Credit
*EPA website on How to File for the Federal Tax Credit solar energy systems.
- For products “placed in service“ in 2012, you need to file the 2012 version of IRS Form 5695 and submit it with your 2012 taxes (by April 15, 2013).
- On the 1040 form you enter this tax credit from Form 5695 (the residential energy tax credit) on line 52.
- Save your receipts and the Manufacturer’s Certification Statement for your records.
- Submit Form 5695 with your 2012 taxes
- Solar Tax Resources Summary: An overview of all the links, accounting, and forms you need
- Accounting for PV System Rebates: A guide to accounting for solar systems and the federal tax credit, rebates, and depreciation:
- DSIRE, the Database of State Incentives for Renewables & Efficiency: The nation’s most comprehensive, one-stop source of information on federal, state, local, and utility incentives and policies that promote renewable energy and energy efficiency. DSIRE contains information on more than 2,200 programs and is accessible online for free at www.dsireusa.org.
StraightUp Solar, LLC recommends consulting an accountant regarding tax incentives. Information here is provided as a resource, but not tax advice.