Benefits of Solar Energy
Solar energy provides several advantages that will enhance your home for years to come.
- Reduced carbon footprint: Embracing solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
- Lower utility costs: Producing some or all of your own electricity will cut power costs long-term. Plus, some states offer net metering programs that make it possible for you to sell your unused energy back to the grid, generating additional credits toward your energy bill.
- Better energy independence: Adding a solar battery storage system lets you have trustworthy energy during storms and grid outages.
What Solar Incentives Are Available to McHenry Homeowners?
Governments and utilities often incentivize homeowners for embracing 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: Rebate Program
Website: comed.comIncentive Amount:
Appliances
Air Purifier: $50
Clothes Washer: $50
Dehumidifier: $50
Electric Clothes Dryer: $50
Freezer: $50
Refrigerator: $50
Room Air Conditioner: $25
Refrigerator/Freezer Recycling: Free pickup and $50, plus an additional $10 if recycling a room A/C at the same time
Heating & Cooling
Air Source Heat Pump: $400 - $600
Central A/C: $300 - $600
Ductless Mini-Split Heat Pump: $400
Geothermal Heat Pump: Up to $6,000/home
Furnace Blower Motor (ECM): $50 - $100
Miscellaneous
Advanced Power Strip: $10
Air Sealing: Up to $400/home
Attic Insulation: Up to $300/home
Duct Sealing: Up to $500/home
Lighting: In-store discounts, varies
Pool Pump: $275
Smart Thermostat: $100
Wall Insulation: Up to $400/home
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 McHenry
Choosing a company is the first step toward a well-oiled and valuable solar system. Consider each of these elements in your business search.
Licensing and Training
In Illinois, the state Commerce Commission issues licenses to distributed generation energy contractors, including solar installers. Check for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar sector's most reputed trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in McHenry
Your photovoltaic panels' type will impact how much energy you can generate. Monocrystalline panels are among the highest quality and cost the most but perform the best. Polycrystalline panels offer you a budget panel with a traditional design, but at the cost of less power generation. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
You can also add battery backups and electric vehicle (EV) chargers. These will increase your total installation cost, but they can maximize your solar system's efficiency. Not every solar company offers these add-ons, so look for a company that sells them if it's a priority for you.
You can plan to spend about $18,800 on average for a five-kilowatt solar energy system in McHenry. Check the table in this section to get an idea of the amount McHenry solar companies might quote for your specific solar system's price.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,134 |
| Solar Polycrystalline | $884 |
| Thin-Film | $517 |
| Solar Battery | $725 |
| Solar Home EV Charger | $2,721 |
Financing Solar Energy in McHenry
There are numerous ways to pay for new solar panels, and the right one will lower your costs. A few of the most common options include cash payments, power purchase agreements (PPAs), 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 minimize your total costs. Solar loans are another solid 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 rent your panels for a set monthly rate, while PPAs let you pay only for the energy you use, akin to an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. We advise working with a contractor that offers multiple financing options. Talk to each salesperson about what's available, and secure more than one estimate for the best odds of keeping within your budget.
The table below lists the average payback periods for different capacities of solar systems in McHenry.
The IRS allows you to claim a 26% federal solar tax credit on the full cost of the solar system, so long as you purchase it before 2032. City and state governments and utilities might also offer their own incentives, financing programs, and rebates that could save you more money.
| 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 McHenry
How much energy and money could I save per year by switching to solar?
How popular is solar energy in McHenry?
Will a solar PV system improve my McHenry home value?
What can I do to calculate my home's solar potential?
How long does the photovoltaic installation process take?
What's the average solar system size in McHenry?
How are traditional solar loans and PPAs different?
You might look into a PPA if you don’t want to be responsible for maintaining your panels and don’t want to invest in a system, but keep in mind you won’t be paying toward ownership or be able to access any cost-saving solar incentives. Many solar experts don’t recommend PPAs. Our guide covers other financing options above.
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