The question of “Is it worth installing solar panels in Illinois?” is a complicated one. It depends on many factors, including your household income and the amount you spend on electricity. We will explore this question in depth with a guide to installation costs, benefits, and other considerations for people living in Illinois.
Are Solar Panels Worth The Investment In Illinois?
Solar prices have dropped in the last few years, making them much more affordable. In Illinois, the cost of a solar panel system can range from around \$16,000 to \$21,000 for an average house that’s generating about 13 kilowatts per hour (KWh) of electricity annually.
The payback period is anywhere between 7 and 10 years, with savings up to 75%. A two-person household could spend as little as \$70 on their electricity bill each month if they have solar panels installed in their home.
Do you live in an area where there are net metering laws? Net metering will allow you to sell excess power back into your utility grid which means even quicker returns on investment than what we calculated earlier! Your local jurisdiction may also offer solar incentive programs, which will further reduce the cost of a system.
Interested in learning more about how you can get started with solar panels?
Illinois Solar Incentives
For those interested, there are also tax credits available for installing solar panels in Illinois. The federal government offers a tax credit on the cost of your installed system, and there are additional state-specific solar incentives available as well!
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Illinois Net Metering Laws
Net metering allows homes and businesses to generate their electricity and sell the excess energy to power companies. Illinois has a net metering law in place as of December 2016, which means that those who generate solar power can be compensated for any surplus generated if they are connected to an electric grid where it is allowed by law.
Unsure what this all means? You may want to contact one of our partners or schedule an appointment with us so we can come out and assess your home’s suitability!
Some utility’s offer (SREC)Solar Renewable Energy Credits as well. These credits are generated by installing solar panels and then sold to power companies, which can, in turn, use them to meet the state’s renewable energy requirement.
This incentive alone can significantly offset the initial cost of installing solar panels in Illinois.
Many Illinois homeowners are eligible for an exemption from property taxes for any renewable energy equipment installed on their property.
This incentive can also help offset the initial cost of installing solar panels in Illinois. To find out more about your eligibility, schedule an appointment with one of our partners or contact us today!
As mentioned earlier, Illinois homeowners can qualify to claim a federal tax credit(ITC) of 26% on the cost of their solar installation. Bear in mind that the federal tax credit is set to drop 4% each year starting in 2022.
When combined with state and local incentives, this incentive can significantly offset the initial cost of installing solar panels in Illinois. To find out more about how you could save up to $15,000 or so by going solar, call our office today!
How Much Do Solar Panels Cost In Illinois
Factors that affect solar panel cost:
– the size of your roof and how much usable space is available for solar panels;
-the type of property you have, e.g., a flat or sloped roof;
-whether or not there are trees shading part of your house that might get sun exposure during the day:
-how many people live in your home and how much power you use in a day (there will be greater demand for electricity if you have more people living at your home);
-the solar company you choose will affect the cost of installation, as well.
The best way to get an exact solar estimate for your home or business is to consult a professional solar installer. They will take into account all of the factors mentioned above and give you an estimate based on your specific needs.
For a free solar quote, call us today!
ILLINOIS SOLAR POWER FAQ:
Most frequent questions and answers
According to a Zillow report, studies have shown that installing solar panels on your home can positively impact its resell price. Additionally, a recent Redfin report shows that homes going solar in Illinois tend to sell at a higher median price than non solar homes.
Solar panels on your roof can make your house more attractive! After all, who doesn’t want a beautiful roof and a cleaner environment? The only way you might not like them aesthetically is if they are very noticeable among other big houses in the area or if they don’t match your color scheme. If this happens, tell us about it when you give us your free estimate so we can help find an option that will work best for you.
Unfortunately, there isn’t one set price because each system has its own unique features and pricing structure.
It’s no secret that Illinois isn’t the sunniest state for solar. However, net metering laws make up for the lack of sunlight by allowing your solar panels to generate more power during the day.
The Illinois Solar for All Program was designed to help grow solar in Illinois by providing rebates for people who have low incomes.
So Is It Worth Installing Solar Panels In Illinois?
Installing solar panels on your roof in Illinois is worth considering because you’ll save money over time while doing something good for the environment at the same time! As calculated earlier, installing solar panels can reduce your monthly electricity bill!
If you’ve been considering solar panels, now is the time to make that decision. The cost of solar panels has gone down in recent years, and it will continue to drop as more people switch over from fossil fuels. Illinois has some great incentives that you might be able to use. If you live in Illinois, make sure to check out the state’s renewable energy policy. It could be a good way for your family to save money on electricity bills.
And when you are ready, the team at TruHome Pros is here for you. We offer free solar consultations where we come out to your house and give you an honest assessment about what kind of benefits might be possible with solar energy. We also provide pricing estimates that include installation fees, equipment, financing options, and tax credits available through the federal government. We’re happy to answer all your questions so contact us today!