So you're a homeowner in Illinois, and you're well aware of the financial and environmental advantages of residential solar electricity. You've certainly heard about the tax benefits that are available, but you're still curious about "how much do solar panels cost?"
When you consider all of the long-term financial benefits of having solar panels on your home, as well as all of the present incentives, a solar energy investment is well worth the money. Throughout the Chicago, Illinois region, Solar Contractors Chicago has been designing and installing specialized home and commercial solar systems. We deal with the cost of solar panels on a daily basis in Chicago, so you've come to the perfect spot for the most up-to-date information on the upfront cost of solar.
Our response is that it depends. (We realize that response is a little unclear, but it’s true!)
When you start your custom solar photovoltaic (PV) system design with WCP Solar, there are a number of elements that will need to come together to determine the cost of your system, including the size, angle, and direction of your roof, as well as how much energy you consume. We can then figure out the solar panels you’ll need, if you’ll need battery storage, and which federal, state, and municipal incentives you’ll be eligible for.
The good news is that adopting solar is becoming more affordable. Solar panel installation costs in Chicago are roughly $3.20 per watt, according to Energy Sage. So, if your house requires a 6kW system, the typical cost before any subsidies is roughly $19,200.
That calculated price for a mid-sized system is, before any incentives are applied. Let’s take a look at the figures after you account for the extra savings.
You may deduct 30% of the entire cost of your residential solar installation from what you owe on your federal taxes thanks to the Federal Investment Tax Credit (also known as the ITC). When those reductions are applied to the mid-sized example above, the cost drops to $13,440. That’s a $5,760 savings!
This Federal program, however, is running out of time. The ITC is still in place through 2019, but it will expire in 2022, after which it will be fixed at 10% for commercial properties exclusively. So, if you’re thinking of going solar for your home, make sure you get it installed immediately.
Homeowners in Illinois who use solar to create renewable energy can sell Solar Renewable Energy Credits on the SREC marketplace to make money from their solar PV systems. SREC units range in price from $50 to $300 per, resulting in thousands of dollars in savings (with the average system generating 12 SRECs in a year).
If the upfront expenses of planning and installing an unique residential solar system with Solar Contractors Chicago are still a worry, you don’t have to have all of the money up front. We offer a variety of financing solutions for every house and budget.
Investing in solar is equivalent to purchasing power for at least 25 years at a cheap, set cost. As a result, you’ll be protected against growing energy expenses, and your power bill savings will likely be much bigger in the future! And, because all Illinois power utilities are required to offer net metering, you can rest assured that if your solar panel system generates more energy than you can use during the day, your power utility will buy it back from you — which has almost entirely offset most of our customers’ overnight energy usage.
Solar energy, on the other hand, isn’t only about conserving resources; it’s also about living sustainably. Installing a solar panel system on your Chicago, Illinois, house will lower your carbon footprint significantly for decades to come, minimizing your environmental effect for future generations!
Solar panel costs - Solar Contractors Chicago offers a wide variety of solar panel services for Hoffman Estates, IL and...