Illinois requires that they generate 40% of their energy from renewable sources by 2030. What does that mean? Illinois is a great place to go solar.
You probably want to know more before you decide to install, right? To help, we’ve broken it down into these 4 areas.
- Install costs.
- Government incentives.
- Production value.
- Payback period & 20-year savings.
- Install costs.
As of June 2022, the average cost to install solar panels is $3.06/W.
The average size of a residential solar system in the US is 5 kilowatts (kW). So, an average solar installation in Illinois would cost around $15,300). With ranges between $13,005 to $17,595.
- Government incentives.
Illinois has both local and federal incentives to decrease the initial cost of solar and increase the benefits after your system is installed.
Illinois Shines
Under the Adjustable Block Program (aka Illinois Shines), you can earn one solar renewable energy certificate (SREC) for each megawatt hour (MWh) of electricity your solar system produces over 15 years. For the average residential system, this comes out to more than $10,000 in additional savings.
Net Metering
Thanks to the net metering policy, your utility will buy back any excess electricity your solar system produces. Net metering ensures that you benefit from the full value of your solar panels and is a great way to balance out your electricity production and consumption, which do not always happen at the same time. *Commonwealth Edison offers the top utility net metering program in Illinois.
Property Tax Break
Worried about your property tax bills going up because of the value your solar system will add to your home? Don’t be. The Special Assessment for Solar Energy Systems means that you will be taxed as if the panels weren’t even there.
Federal ITC
With the Investment Tax Credit (ITC), you can reduce the cost of your PV solar energy system by 26 percent. *The ITC applies only to those who buy their PV system outright.
Looking to take your business solar? Commonwealth Edison (one of IL’s largest utility companies) provides rebates for commercial and industrial customers to help decrease the out-of-pocket costs of installing solar. If you’re a ComEd customer and install solar on your business, you’re eligible for $250 per kilowatt (kW) of installed solar power. To receive the rebate, your solar panel system cannot be larger than 2,000 kW in capacity.
- Production value.
Unfortunately, Illinois receives below-average sunshine, meaning you’ll need more solar panels to produce the same amount of electricity than are needed in other, sunnier states.
However, that isn’t the case for every Illinois home. There are additional factors that determine how much solar electricity you can produce: shade, geographical location, and panel orientation. In a custom quote from Frugll, we can predict how much your panels will produce and how many panels you would need to offset your usage. Get started by talking to one of our experts today.
- Payback period & 20-year savings.
In Illinois, it takes an average of 6.75 years to earn back your initial investment with the amount you save each month. That adds up to $28,906 saved over 20 years.
Conclusion
With the high goals set by the Illinois government, it’s no wonder The Prairie State is home to some of the best solar rebates and incentives in the Midwest.
There's no better time to go solar in Illinois.
By switching to solar, you have the opportunity to save money. By switching to solar with Frugll, you also have the opportunity to earn money. Why let some random salesman charge your friends and family a large commission on a product they are going to get anyway? When you refer your neighbors to Frugll, Frugll pays you. Learn more about our referral program here.
Interested in talking to one of our experts about the best solar options for your home? Click here.
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