Benefits of Solar Energy
Solar energy provides numerous advantages that will enhance your home for years to come.
- Reduced carbon footprint: Utilizing solar is a surefire way to reduce your carbon footprint and home fossil fuel dependency.
- Lowered energy bills: Solar panels let you generate your own energy to power your home, lowering your monthly electricity costs. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states have adopted net metering, which permit you to earn money by selling your unused energy back to the grid.
- Better energy independence: Solar panel systems can keep your home functioning through blackouts and emergencies. You can use your solar energy anytime with an optional battery storage system.
What Solar Incentives Are Available to Bloomington City Homeowners?
Governments and power companies often reward homeowners for switching to solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
Incentive Type: Property Tax Incentive
Incentive Amount:
Varies
Incentive Type: Solar Renewable Energy Credit Program
Website: icc.illinois.govIncentive Amount:
Negotiated with procurement administrators
Incentive Type: Rebate Program
Website: powermoves.comIncentive Amount:
Dual Fuel Heat Pump: $500
Variable Speed Pool Pump: $250
Air-Source Heat Pump: $250 - $750
Geothermal Heat Pump: $1,500
Heat Pump Water Heater: $400/unit
HVAC: Varies depending on ZIP code. See program website
Incentive Type: Rebate Program
Website: cornbeltenergy.comIncentive Amount:
Dual Fuel Heat Pump: $500/unit
Pool Pump: $250/unit
Air Source Heat Pump: $250 - $750/unit
Heat Pump Water Heater: $400/unit
Geothermal Heat Pump: $1,500/unit
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Bloomington City
The purchase price and performance of solar panels often hinge on the provider that installed them. Here are some key items to keep in mind while searching for a solar specialist.
Licensing and Training
In Illinois, the state Commerce Commission regulates distributed generation energy contractors, including solar installers. Check for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most trusted trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Bloomington City
Your solar panels' type will affect how much power you can generate. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
Additional accessories, such as battery storage and electric vehicle (EV) chargers, will raise your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not every solar contractor offers these additional features, so look for a provider that sells them if it's crucial for you.
If you're a resident of Bloomington City and are considering getting a five-kilowatt solar energy system, you could plan to spend about $18,800 for parts and installation. See more information on specific component and solar panel costs in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,223 |
| Solar Polycrystalline | $954 |
| Thin-Film | $557 |
| Solar Battery | $782 |
| Solar Home EV Charger | $2,934 |
Financing Solar Energy in Bloomington City
Solar companies offer multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are solar leases, cash payments, power purchase agreements (PPAs) and solar loans. Most solar experts recommend paying cash or using a solar loan. Cash payments require a large up-front sum, but they save you from paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Like a car or home loan, you'll pay a set monthly rate with as little as $0 down. Solar leases allow you to pay a monthly fee to rent your panels, while a PPA lets you pay a variable rate based on only the energy you use. We generally advise against these options since you won't own your system and are disqualified from solar incentives, but they might be suitable in certain circumstances. We advise working with a company that offers multiple financing options. Speak with each representative about what's available, and get more than one estimate for the best odds of keeping within your spending limits.
The table below lists the average payback periods for different capacities of solar systems in Bloomington City.
You are eligible for a 26% federal solar tax credit for new solar power systems until the year 2032. Municipal and state governments and utility companies might also offer rebates, discounts, and unique financing solutions that could save you more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.8 years |
| 2 kW | 5.5 years |
| 5 kW | 13.8 years |
| 10 kW | 27.6 years |
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Frequently Asked Questions About Solar in Bloomington City
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Bloomington City?
Should I expect a boost in my property value after installing solar panels?
What can I do to predict my home's solar potential?
How many years does an average solar system last?
What is the average payback period for Bloomington City solar panels?
How does "net metering" work, and do I need to participate?
What are the signs I shouldn't use a particular solar company for my job?
- Pushy sales approach
- Dodging questions about credentials and training, warranties, cost and references
- Limited or no customization
- Rushing through the site assessment
- Limited online information
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