Benefits of Solar Energy
Solar energy has multiple advantages that will enhance your home for years to come.
- Better energy independence: Solar energy can keep your home running through emergencies and blackouts, giving you additional security. You can use your solar energy anytime with optional battery storage.
- Reduced carbon footprint: Utilizing solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
- Reduced energy costs: Sourcing some or all of your own power will spend less on electricity long-term. Plus, some states provide net metering programs that enable you to sell your surplus energy back to the grid, generating extra credits toward your energy bill.
What Solar Incentives Are Available to Collinsville Homeowners?
Governments and power companies often incentivize homeowners for adopting 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: 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 Collinsville
Choosing a company is the first step toward an effective and cost-efficient solar system. Make your choice based on the following key factors.
Licensing and Training
In Illinois, the state Commerce Commission regulates distributed generation energy contractors, including solar contractors. Solar providers can also obtain certifications from standards organizations and trade groups. The most respected ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Collinsville
The kind of solar panels you select determines how much electricity you can produce. Monocrystalline panels and high-quality and cost more but give you the best performance. 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.
Additional system add-ons, such as electric vehicle (EV) chargers and battery storage, will increase your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not all solar companies offer these additional features, so look for a provider that installs them if it's essential for you.
Generally speaking, it will cost about $18,800 for a five-kilowatt solar array in Collinsville. This table displays more specific prices for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,178 |
| Solar Polycrystalline | $918 |
| Thin-Film | $537 |
| Solar Battery | $754 |
| Solar Home EV Charger | $2,826 |
Financing Solar Energy in Collinsville
Choosing the ideal financing solution will impact your overall solar system cost and possible savings. Common payment options include power purchase agreements, cash payments, leases, and loans. Most solar experts recommend a cash payment or using a solar loan. Cash payments require a large up-front sum, but they help you avoid 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. Similar to an auto or home loan, you'll pay a set monthly rate with as little as $0 down. Solar leases allow you to pay a monthly rate to rent your panels, while a power purchase agreement lets you pay a variable rate based on only the energy you use. We generally don't recommend these options since you won't own your system and are disqualified from solar incentives, but they might be suitable in particular circumstances. We suggest working with an installer that offers multiple financing options. Ask each agent about what's available, and obtain more than one estimate for the best odds of staying within your financial plan.
The table below lists the average payback periods for different capacities of solar systems in Collinsville.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, local governments and utilities may have their own financing plans and rebates that could reduce your total cost even 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 Collinsville
How much money could I save by going solar in Collinsville?
Is solar energy common in Collinsville?
Will a solar PV system improve my Collinsville home worth?
Could I still use solar power if I live in a wooded, dark, or rainy area?
What care do my solar panels need, and how frequently do they need it?
What is the average payback period for Collinsville solar panels?
How can I maximize my solar array's performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
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