Is Solar Energy Worth It 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.

Is solar energy worth it in illinois.

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. Naturally all illinois residents qualify for the 26 percent federal itc tax credit. While solar leases and power purchase.

The solar renewable energy credit srec this system lets homeowners generate credits for every. The bill which remains available today provides a property tax easement by equating the solar equipment to be valued at no more than the value of a conventional energy system. When installing solar in illinois any reputable installer will alert you to alternative valuation of energy systems on your property. The good news is that rooftop pv systems owned by homeowners count toward the goal and for electric utilities it s cheaper to incentive residential solar power instead of developing the renewable power capacity themselves.

You compare the value of any applicable heating or cooling system already on your property to the value of your new solar energy system. 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.