Does Solar Power Make Sense In Illinois

Naturally all illinois residents qualify for the 26 percent federal itc tax credit.

Does solar power make sense in illinois.

While an 8 year payback timeframe is strong there s just not enough solid policy. Illinois recently launched a comprehensive state program to incentivize homeowners to go solar. With or without batteries solar makes sense now and in the future. Illinois offers property tax exemptions for homeowners who invest in solar energy a robust net metering policy and solar renewable energy credits srecs.

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. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. The solar renewable energy credit srec this system lets homeowners generate credits for every megawatt of solar power they produce. In some states state level incentives can make solar make even more sense financially.

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. Illinois solar power incentives tax breaks and rebates there are plenty of incentives for solar power in illinois making a residential pv system an attractive investment. There are three primary rebates that homeowners in chicago can use to bring down the costs of their solar investment. Homeowners that go solar can save money on utility bills and may add value to their homes.

Solar makes a lot of sense in illinois thanks to generous state and utility incentives for homeowners. These incentives combined with the potential for saving on utility bills make going solar in illinois the right choice for practically. Whichever plan you choose we ll help you make sense of the illinois solar incentives you qualify for and make sure your solar investment makes financial sense for you. A solar purchase like this will make sense for you if the following is true about you and your current situation.

Claim your solar incentives according to energysage solar quotes received by chicago homeowners in 2016 showed an average of over 15 000 in savings over 20 years. How are you financing your solar panel system. 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. While solar leases and power purchase.

Does solar make sense in northern states. Solar panels in illinois also now receive a state based incentive.