Is It Worth Getting Solar Panels In Illinois

Illinois average cost of a solar panel installation ranges from 13 132 to 17 768.

Is it worth getting solar panels 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. 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 incentive is paid in cash by comed not by the state of illinois. Installing a typical 7 5 kw solar system should start at about 15 000 after the illinois adjustable block program discount.

That s far cheaper than solar has ever been but it s still a big investment. Solar panel installers in illinois. 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. Often those repairs and upgrades are less.

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. 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. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. This term tells us as at what time you will recover your initial investment through electricity savings from your solar system.

Another calculation that potential solar buyers have to consider is the solar payback period. Illinois solar power incentives tax breaks and rebates. Leases we ve seen also include a provision allowing the company to raise the lease rate by 2 9 every year. Solar panels in illinois also now receive a state based incentive.

While solar leases and power purchase. Don t worry because after tax breaks and energy savings your first year costs will be considerably less than that. How are you financing your solar panel system. Yes the solar panels will be installed on your home for no money down but you will have to pay the leasing company every month to lease the panels and those leases typically last 20 years.

There are plenty of incentives for solar power in illinois making a residential pv system an attractive investment. Solar panels are only recommended for those with disposable income in illinois. As of september 2020 the average solar panel cost in illinois is 3 10 w.