Is Solar Energy Worth It In Illinois

Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value.

Is solar energy worth it in illinois.

The renewable portfolio standard rps in illinois mandates that electric utilities obtain 25 of their energy from renewable energy sources by 2025. 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. 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. This incentive is paid in cash by comed not by the state of illinois.

Naturally all illinois residents qualify for the 26 percent federal itc tax credit. You compare the value of any applicable heating or cooling system already on your property to the value of your new solar energy system. There are three primary rebates that homeowners in chicago can use to bring down the costs of their solar investment. How are you financing your solar panel system.

For solar energy the first major step illinois took to encourage installations was to pass the special assessment for solar energy systems in 1998. When installing solar in illinois any reputable installer will alert you to alternative valuation of energy systems on your property. The solar renewable energy credit srec this system lets homeowners generate credits for every.