Harnessing the Sun: Why We’re Litchfield, Illinois’ #1 Solar Company
As the world shifts towards a more sustainable future, solar energy has emerged as a critical solution to the growing demand for clean and renewable energy sources. In Litchfield, Illinois, the sun’s power is harnessed more efficiently, more affordably, and more sustainably than ever before, thanks to us — the city’s top-rated solar company.
We’re proud to be a leader in this industry, offering high-quality solar solutions to meet the diverse energy needs of our clients. But our journey to becoming Litchfield’s number one solar company is not just about the numbers. It’s about our commitment to the environment, our dedication to our customers, and our passion for innovation.
Our Commitment to the Environment
Climate change is a pressing issue, and we believe in doing our part to protect our planet. Solar energy is not only renewable, but it also reduces greenhouse gas emissions and our reliance on fossil fuels. Our team is committed to promoting solar power as a sustainable solution to help Litchfield and the broader Illinois community combat climate change.
Solar For Litchfield Businesses
At Solar City STL, we understand that every business is unique, which is why we don’t offer one-size-fits-all solutions. Whether your commercial property is a large warehouse, a small office building, or a retail store, we design and install a solar system that perfectly fits your needs and energy consumption patterns. Our goal is to maximize your return on investment while minimizing your carbon footprint.
Financial Benefits
Switching to solar energy is a smart financial decision. With Solar City STL, you can enjoy significant savings on your energy bills, protection against rising energy costs, and a favorable return on your investment. Missouri’s generous solar incentives and federal tax credits can make your transition to solar even more affordable. We’ll guide you through the process, ensuring you take full advantage of the available benefits.
Modified Accelerated Cost Recovery System (MARCS) depreciation
Many businesses utilize the Modified Accelerated Cost Recovery System (MARCS) depreciation method to estimate the depreciation of assets. In the case of solar energy systems, a 5-year cost recovery period is typically applied. Bonus depreciation allows investors to recognize the entire depreciation amount in the same tax year that the system is put into service.
Currently, in 2022, the depreciation basis for qualifying solar equipment stands at 87%. This means that 13% of the overall project costs are deducted to account for half of the Investment Tax Credit (ITC). This depreciation percentage allows businesses to claim 100% bonus depreciation for qualifying solar equipment placed in service before January 1, 2023.
Starting from January 1, 2023, the bonus depreciation percentage will decrease to 80% for year 1. The subsequent years will follow a schedule where the amount depreciated reduces as follows: 60% in 2024, 40% in 2026, and 20% in 2027.
The introduction of bonus depreciation was a response to the economic downturn of 2008. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 permitted companies to claim 100% bonus depreciation on qualifying capital equipment, provided it was placed in service by December 21, 2011. The percentage was then reduced to 50%. In 2017, The Tax Cuts and Jobs Act of 2017 increased the bonus depreciation percentage back to 100% for qualified property placed in service before January 1, 2023.
For businesses considering the adoption of solar energy, it is crucial to act swiftly in order to take advantage of the 100% bonus depreciation opportunity. The MARCS depreciation schedule outlines the percentage of depreciation for each year after the completion of the solar energy system, with 20% in year 1, 32% in year 2, 19.2% in year 3, 11.50% in year 4 and 5, and 5.80% in year 6.
Rural Energy for America Program Renewable Energy
REAP offers financial support to agricultural producers and rural small businesses for the implementation of renewable energy systems or energy efficiency upgrades. This encompasses a wide range of solutions, such as biomass, geothermal, hydropower, hydrogen, wind, solar, and more. Funding can also be utilized for the purchase and installation of energy-efficient equipment and systems that improve agricultural production and processing.The program is open to agricultural producers who derive at least 50% of their gross income from agricultural operations and small businesses located in eligible rural areas. Small businesses must meet the Small Business Administration size standards as per 13 CFR 121. It is important to note that applicants must have no outstanding delinquent federal taxes, debt, judgments, or debarment.REAP offers loan guarantees covering up to 75% of total eligible project costs, with the loan term not exceeding 40 years. Additionally, grants are available for up to 50% of total eligible project costs. Applicants must provide matching funds for grant applications, and the federal share is limited to 25-50%, depending on the project type. The maximum loan guarantee percentage is determined annually.
What is Direct Pay?
Direct Pay, as introduced by the Inflation Reduction Act, allows tax-exempt and governmental entities to receive a payment equal to the full value of tax credits for qualifying clean energy projects. Unlike traditional grant and loan programs, Direct Pay ensures that eligible entities receive their payment if they meet the requirements for both Direct Pay and the underlying tax credit. This provision provides unparalleled policy certainty, enabling entities to undertake ambitious clean energy initiatives
Illinois Solar Renewable Energy Credits (SRECs)
Solar is hot in Illinois! Here’s why: Illinois is one of just a few states that pay you to generate clean electricity from solar and wind renewable energy systems. The incentive is called a Solar Renewable Energy Credit (SREC), and it’s administered by the Illinois Shines Program. It’s a perfect incentive for businesses, farms, homes, non-profits, government buildings, others to take advantage of.
Illinois SRECs help those solar system owners recoup their investment. Additionally, SRECs help bring a cleaner and diversified electrical power system to the state of Illinois. Watch the video below.
Our Dedication to Our Customers
We believe that switching to solar energy should be a seamless experience. That’s why we’ve streamlined our processes and services to make the transition as smooth as possible for our customers. From initial consultation and design to installation and maintenance, we’re there every step of the way.
We also understand that each client’s needs and preferences are unique. Our experts work closely with our customers to customize solar solutions that not only meet but exceed their expectations. Our dedication to customer satisfaction is one of the reasons why we’re the go-to solar company in Litchfield.
Our Passion for Innovation
Being at the forefront of the solar industry requires constant innovation. We’re committed to staying updated with the latest advancements in solar technology, ensuring our customers receive the best solar solutions. Our team is always on the lookout for more efficient panels, more effective energy storage systems, and innovative installation methods that can enhance our service delivery.
The Bottom Line
Our position as the number one solar company in Litchfield, Illinois, is a testament to our relentless pursuit of excellence in every aspect of our business. But we’re not resting on our laurels. We’re continually pushing the boundaries of what’s possible in the solar industry to bring you the best solar solutions.
If you’re interested in transitioning to solar energy or learning more about its benefits, don’t hesitate to reach out to us. Join us in making a sustainable future a reality.
Harness the sun with Litchfield’s leading solar company today. Together, we can power a greener and brighter tomorrow.