Illinois PACE Financing
Congratulations, Illinois property owners! You live in a state that supports property tax solar financing.
How does Illinois financing work?
Municipalities across Illinois are authorized to create their own financing districts which would provide financing for the installation of renewable-energy systems and energy-efficiency improvements to buildings and homes. The loans can be repaid through an increased property tax assessment over a period of years. The loans will carry a fixed interest rate and stay with the house—so if you move, the next tenant continues to pay for the loan through property taxes. That means you don’t have to worry about paying for panels on a house that you don’t live in anymore.
That sounds great! How is Illinois able to do this?
Thanks to Illinois’s SB 583 law, municipalities that set up financing districts can offer loan programs to pay back investments in renewable energy systems through property tax payments.
Is solar financing available now?
Not yet, but SB 583 will be effective starting January 2010!
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