Is It Worth Getting Solar Panels In Illinois

Solar panel installers in illinois.

Is it worth getting solar panels in illinois.

That s far cheaper than solar has ever been but it s still a big investment. How are you financing your solar panel system. It makes little sense to add solar panels to a home that has leaky air ducts poor insulation 70 year old windows or other inefficient features. There are plenty of incentives for solar power in illinois making a residential pv system an attractive investment.

Don t worry because after tax breaks and energy savings your first year costs will be considerably less than that. Solar panels are only recommended for those with disposable income in illinois. Based on the price of electricity in illinois an average of 0 11 per kw and low amounts of sun 6 less than average compared to other states solar power is 15 lest cost effective than the rest of the nation. The amount of the incentive is based on the amount of renewable energy the panels will produce but for most people it ends up being worth about another 30 of the cost of a system.

Another calculation that potential solar buyers have to consider is the solar payback period. As of september 2020 the average solar panel cost in illinois is 3 10 w. And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors. Solar panels in illinois also now receive a state based incentive.

Given a solar panel system size of 5 kilowatts kw an average solar installation in illinois ranges in cost from 13 175 to 17 825 with the average gross price for solar in illinois coming in at 15 500. Illinois solar power incentives tax breaks and rebates. Installing a typical 7 5 kw solar system should start at about 15 000 after the illinois adjustable block program discount. Often those repairs and upgrades are less.

On a cost per watt w basis a solar panel installation in illinois ranges in price from 2 63 to 3 55. While solar leases and power purchase. Private utility companies will give you back 25 of the project cost and then you will be able to apply the 30 federal tax credit on the solar pv system price after the. This term tells us as at what time you will recover your initial investment through electricity savings from your solar system.

This incentive is paid in cash by comed not by the state of illinois. Illinois average cost of a solar panel installation ranges from 13 132 to 17 768. If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands.