Tax Credits
Federal Tax Credits for Energy Efficiency - Commercial Buildings
A tax deduction of up to $1.80 per square foot is available to owners or designers of new or existing commercial buildings that save at least 50% of the heating and cooling energy of a building that meets ASHRAE Standard 90.1-2001. Partial deductions of up to $.60 per square foot can be taken for measures affecting any one of three building systems: the building envelope, lighting, or heating and cooling systems. These tax deductions are available for systems “placed in service” from January 1, 2006, through December 31, 2013.
Federal Tax Credits for Energy Efficiency - Home Builders
Home builders are eligible for a $2,000 tax credit for a new energy efficient home that achieves 50% energy savings for heating and cooling over the 2004 International Energy Conservation Code (IECC) and supplements. At least 1/5 of the energy savings must come from building envelope improvements. This credit also applies to contractors of manufactured homes conforming to Federal Manufactured Home Construction and Safety Standards.
These tax credits apply to new homes located in the United States whose construction is substantially completed after August 8, 2005 and that are acquired from the eligible contractor for use as a residence from January 1, 2006, through December 31, 2009.
Illinois Property Tax Exemption
Illinois offers a property tax exemption to commercial, industrial, and residential sectors for on-site installations of passive solar space heat, solar water heat, photovoltaics, and solar space heat, as well as wind and geothermal electric technologies. For details see the REVENUE (35 ILCS 200/) Property Tax Code.