Benefits of Solar Energy
Solar energy has numerous advantages that will enhance your home for years to come.
- Better energy independence: Solar panel systems with battery storage systems work through power outages and emergencies, and you won't have to rely on the electrical grid for your safety and well-being.
- Lower energy bills: Generating some or all of your own power will save you money on your electric bills long-term. Plus, some states offer net metering programs that enable you to sell your surplus energy back to the grid, generating extra credits toward your energy bill.
- Reduced carbon footprint: Embracing solar is a surefire way to lower your carbon footprint and home fossil fuel dependency.
What Solar Incentives Are Available to Capital Homeowners?
Illinois' public agencies and power companies offer multiple solar incentives to help offset your solar system costs. Here's a breakdown of relevant solar programs where you live.
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: cwlp.comIncentive Amount:
Air-Source Heat Pumps: $300/ton
Geothermal Heat Pump: $500/ton
Rain Barrel: $25
High Efficiency Toilet: $50
Water Heater: $200 - $400
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 Capital
Choosing a company is the first step toward a well-oiled and cost-efficient solar array. Consider all of these aspects in your service provider search.
Licensing and Training
In Illinois, the state Commerce Commission licenses distributed generation energy contractors, including home solar installers. Check a company's website for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most credible trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Capital
The kind of solar panels you purchase decides how much power you can generate. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
If you want to charge an electric car or use your solar power in inclement weather, you can pay extra for add-ons. By selecting the right components, you can make your system more productive and convenient to use. Not all solar contractors offer these add-ons, so look for a provider that installs them if it's important for you.
You can expect to pay about $18,800 on average for a five-kilowatt solar energy system in Capital. Use the table in this section to get an idea of the amount Capital solar companies might quote for your specific solar system's price.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,184 |
Solar Polycrystalline | $923 |
Thin-Film | $540 |
Solar Battery | $757 |
Solar Home EV Charger | $2,841 |
Financing Solar Energy in Capital
There are various ways to pay for new solar panels, and the right one will reduce your expenses. A few of the most common options include power purchase agreements (PPAs), cash payments, loans, and leases. We advise paying with cash or securing a solar loan for the highest return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also own your system and can apply for solar panel incentives to cut your total costs. Solar loans are another good option if you don’t want to make a big initial investment. You can pay for your system in monthly installments while still enjoying energy bill savings and solar incentives. However, you’ll spend more in total due to accruing interest. Solar leases allow you to use your panels for a set monthly rate, while PPAs let you pay just for the energy you use, akin to an electric bill. Both options disqualify you for solar incentives and don't grant you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Ask each provider you're vetting about the payment options it offers. A team member can help you determine the optimal option for your budget.
The table below lists the average payback periods for different capacities of solar systems in Capital.
A 26% federal solar tax credit applies to recently-purchased solar equipment purchased through 2032. Additional incentives may be available through city and state governments, usually in the form of rebates and special financing programs.
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 Capital
How much money could I save by going solar in Capital?
Is solar energy widely available in Capital?
Should I anticipate a boost in my property value after adopting solar power?
Could I still use solar power if I live in a wooded, rainy, or dark area?
How many years will a common solar system last?
How long does the solar installation process take?
What is "net metering," and how does it work?
Some states or energy providers mandate you to participate in net metering when installing your solar system, while others give you a choice. Either way, once you sign up, you'll get a check or bill credit for your excess generation at a wholesale or retail rate.
How are a solar lease and PPA different?
You don't own the panels with either option, though you can choose to "buy out" of the contract for a fee.
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