While solar systems do not require batteries, adding an energy storage system to solar reduces your home’s reliability on the grid and keeps the lights on when the power goes out. Also known as a solar battery, battery storage, or energy storage system, a home battery charges on solar, which means it’s quiet, clean, and could power your home indefinitely.
ComEd recently announced a generous energy storage rebate that, combined with the federal tax credit, can reduce your home battery’s net cost by nearly 70%!
What is the ComEd Storage Rebate?
The ComEd storage rebate provides customers a one-time payment of $300/kWh of battery size as part of its Distributed Generation (DG) rebate program. Certasun installs Tesla’s 13.5kWh Powerwall 3 battery, meaning customers will receive a rebate of $4,050 per unit. Customers can purchase up to 4 units and receive a rebate of up to $16,200.
Home Batteries are Also Eligible for a 30% Tax Credit
Just like residential solar, home battery storage systems are eligible for a 30% federal tax credit. This credit reduces a customer’s tax liability for the year in which their battery is installed. A typical battery purchase will be eligible for a tax credit of over $5,000.
When you combine the ComEd storage rebate with the 30% federal tax credit, you can reduce the price of your home battery installation significantly. In most cases, the cost to install a single Tesla Powerwall is less than installing a home backup gas generator. Plus, it’s cleaner, quieter, doesn’t require maintenance, and is powered by solar.
You Must Be on Hourly Pricing to Take the ComEd Storage Rebate
Customers who want to claim the ComEd storage rebate must enroll in ComEd hourly pricing for the life of the battery. With hourly pricing, the price you pay for electricity varies hour to hour based on wholesale market prices. Typically, electricity is most expensive in the afternoon and cheapest in the middle of the night.
According to ComEd, hourly pricing participants have saved an average of 15% on their energy supply costs compared to fixed rate customers.
Customers who shift some amount of their peak time usage to off-peak times tend to save even more money with hourly pricing. For those with electric vehicles charging overnight, hourly pricing can make a lot of sense.
A battery can also help increase savings with hourly pricing. By charging your battery from solar or from the grid when electricity prices are low and using that energy when grid electricity prices are high, you can save thousands of dollars.
How Do I Claim the ComEd Storage Rebate?
Once your home battery is installed and you are enrolled in hourly pricing, Certasun will help you apply for the ComEd storage rebate. ComEd will send the rebate directly to you.
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