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.

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. The solar renewable energy credit srec this system lets homeowners generate credits for every. This incentive is paid in cash by comed not by the state of illinois.

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

When installing solar in illinois any reputable installer will alert you to alternative valuation of energy systems on your property. 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. The renewable portfolio standard rps in illinois mandates that electric utilities obtain 25 of their energy from renewable energy sources by 2025.