$1 Million Available for Solar Thermal Energy Grant Program (Illinois)

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http://www.wifr.com/home/headlines/3777307.html

CHICAGO – Gov. Rod R. Blagojevich today Wednesday $1 million in new funding for grants for solar thermal energy systems installed in Illinois. Through the Solar Thermal Grant Program, offered through the Illinois Department of Commerce and Economic Opportunity (DCEO), businesses and other utility customers in Illinois are eligible for awards of up to 30 percent of the cost of solar energy system installations.

“As energy bills are continuing to climb, now is a great chance for families and businesses across Illinois to look to the sun to save money. Relying more on homegrown energy sources like solar energy will not only make our air cleaner to breathe, but it will also put more people to work. Solar power is a viable and better option than importing energy from other countries,” Gov. Blagojevich said.

In addition to the state grants, a new federal law enacted last year (the Energy Policy Act of 2005) established 30 percent federal tax credits that are also available for commercial solar energy projects. Businesses can take advantage of both the 30 percent grants from DCEO and the 30 percent federal tax credit, as well as standard investment credits, such as accelerated depreciation.

Modern solar panels utilize several different technologies and can produce either electric power or heat. The Solar Thermal Energy Grant Program focuses on systems that produce energy for heating water for business applications, such as commercial laundries, car washes or other applications that use large volumes of hot water.

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