Benefits of Solar Energy
Solar energy offers several advantages that will enhance your home for years to come.
- Reduced carbon footprint: Solar is the universe's most abundant clean energy source, meaning you can minimize or conquer your home's dependence on fossil fuels.
- Lower utility costs: Generating some or all of your own power will save you money on your electric bills long-term. Plus, some states provide net metering programs that enable you to sell your extra energy back to the grid, generating additional credits toward your energy bill.
- Better energy independence: Photovoltaic solar panel systems with battery backups and storage systems operate through blackouts and emergencies, and you won't have to depend on the grid for your safety and comfort.
What Solar Incentives Are Available to Mount Prospect Homeowners?
Illinois homeowners who upgrade to solar could qualify for special financing, reimbursements, rebates and tax credits. Here are just a few of the region's incentive offerings.
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 Mount Prospect
The price and efficiency of solar panels often rely on the provider that installed them. Make your choice based on the following crucial aspects.
Licensing and Training
In Illinois, the state Commerce Commission issues licenses to distributed generation energy contractors, including solar contractors. Look for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar sector's most credible trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Mount Prospect
Different solar panel types look and perform differently. Monocrystalline panels cost more than other options, but they generate the most power and generally have the highest quality. Polycrystalline panels produce less power, but start at a more budget-friendly price point. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
If you want to charge an electric car or use your solar power in dark weather, you can pay extra for accessories. By choosing the right components, you can make your system more effective and convenient to use. Not every solar contractor offers these optional components, so look for a contractor that sells them if it's important for you.
A majority of Mount Prospect homeowners choose solar systems rated for five kilowatts (kW) of electrical capacity. These systems run about $18,800 to install, considering both parts and installation. You can find more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,198 |
| Solar Polycrystalline | $935 |
| Thin-Film | $546 |
| Solar Battery | $767 |
| Solar Home EV Charger | $2,876 |
Financing Solar Energy in Mount Prospect
Solar contractors use multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are power purchase agreements (PPAs), solar loans, cash payments and solar leases. Though it requires a large up-front payment, cash is the most affordable choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the second most effective option. As with a car loan or mortgage, you'll pay a monthly rate towards system ownership, including interest. You can still apply for valuable solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to pay a monthly rate to rent your panels, while a PPA lets you pay a fluctuating 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 specific circumstances. Look for contractors that offer multiple payment plans to find the right fit for your financial needs.
The table below lists the average payback periods for different capacities of solar systems in Mount Prospect.
You are eligible for a 26% federal solar tax credit for new solar power systems until the year 2032. Local and state governments and utility companies might also offer discounts, rebates, and dedicated financing plans 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 Mount Prospect
How much energy and money could I save per year by switching to solar?
Is solar energy easily accessible in Mount Prospect?
Will solar energy systems increase my Mount Prospect home value?
What if I live in a dark or rainy
What can I do to estimate my home's solar viability?
How long does the photovoltaic installation process take?
What is "net metering," and how does it work?
Some states or energy providers oblige you to enroll in net metering when installing your solar system, while others give you a choice. Either way, once you join, you'll receive a bill credit or check for your excess generation at a wholesale or retail rate.
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