And solar is cheaper than ever before, which, combined with the the Feds' 30% solar tax credit, means a solar panel system pays itself back quickly and makes you lots of money over its 25-year warrantied life! We've examined three scenarios for going solar in Illinois, including a solar PPA, buying solar with a solar loan or home equity line of credit (HELOC), or buying solar with cash.
The good news is strong solar power rebates help push the payback timeframe on a solar power system to a respectable 9 or fewer years.
And with the Illinois Solar Energy Association gearing up to offer performance payments to solar generators, now is a great time to get into the solar game.
We'll ask you a few simple questions about you and your home. Further down this page, we provide cost estimates and example return-on-investment calculations for all the various options: The chart above shows the 25-year returns for an investment in solar whether you choose to purchase a system with cash or pay over time with a loan or Power-Purchase Agreement (PPA).
One thing it's important to note is: solar makes you a lot of money in Illinois. " You see, even though the state's electricity prices are pretty low, the state gets enough sun that solar saves you big money from day 1.
Note: The numbers above are just estimates for a 5k W solar system, and your home is unique.
The best way to know exactly how much money solar power can save you is to connect with one of our partners nearby.
PPAs in Illinois are awesome, because all that sunshine means you start saving money right away.
Your savings may start small, but they'll finish big, because the lease cost will rise by less than the electric company's annual rate hikes. Basically, it asks, “if you had X dollars to invest, which investment would get you the best return?
The Land of Lincoln is the 5th most populous state in the nation, and has the 5th largest state economy.
With all those people and all that business going on, it'd be a shame if there weren't some extensive incentive programs for residential solar power in place.
Take a good look at our rundown of Illinois solar power incentives below. Our network of solar experts are on call to assist you.