Illinois Incentives/Policies for Renewable Energy |
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Last DSIRE Review: 07/16/2010
Program Overview:
| State: |
Illinois |
| Incentive Type: |
PACE Financing |
| Eligible Efficiency Technologies: |
Yes; specific technologies not identified |
| Eligible Renewable/Other Technologies: |
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| Applicable Sectors: |
Commercial, Industrial, Residential, Agricultural, Property Owners |
| Terms: | Locally determined |
| Program Start Date: | 08/14/2009 |
Date Effective: 08/14/2009 |
Date Effective: 07/15/2010 |
Summary:
NOTE: S.B 0583 established Contractual Assessments for Renewable Energy and/or Energy Efficiency; certain stipulations may be missing from this law as passed in order to fully enable PACE financing programs in Illinois. Please check back for additional details as they become available.
Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. Illinois has authorized certain local governments to establish such programs, as described below. (Not all local governments in Illinois offer PACE financing; contact your local government to find out if it has established a PACE financing program.)
Illinois has authorized municipalities -- cities, villages and incorporated towns -- and counties to enter into voluntary agreements with property owners to provide for contractual assessments. These assessments will provide financing to the property owner to install renewable energy technologies or energy efficiency upgrades that are permanently fixed to the property. The property owner then repays the assessments via his/her property taxes.
As of January 2010, no municipalities in Illinois offer PACE programs.
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.
While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.
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