Benefits of Solar Energy
Solar energy provides several advantages that will enhance your home for years to come.
- Better energy independence: Solar panel systems can keep your home functioning through emergencies and blackouts, giving you additional security. You can use your solar energy anytime with an optional battery backup system.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
- Smaller power 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 extra energy back to the grid, generating additional credits toward your energy bill.
What Solar Incentives Are Available to New Trier Homeowners?
Illinois homeowners who go solar could qualify for reimbursements, tax credits, rebates and special financing. Here are just a few of the region's incentive programs.
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 New Trier
The price and efficiency of solar panels often depend on which company mounted them. Make your choice based on the following essential elements.
Licensing and Training
In Illinois, the state Commerce Commission regulates distributed generation energy contractors, including solar installers. Look for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar sector's most trusted trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in New Trier
The kind of solar panels you choose decides how much electricity 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 the best for large residential installations, but they are excellent accessories for non-traditional roofs.
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 includes these additional features, so look for a company that installs them if it's crucial for you.
Generally speaking, it costs about $18,800 for a five-kilowatt solar array in New Trier. This table lists more specific prices for different solar panel types and system components in your area.
| 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 New Trier
Choosing the right financing plan will affect your overall solar system cost and expected savings. Common payment options include loans, cash payments, leases, and power purchase agreements. Though it involves a large up-front payment, cash is the most affordable choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the second most effective option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for money-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to pay a monthly fee to rent your panels, while a power purchase agreement lets you pay a fluctuating rate based on only the energy you use. We generally don't recommend these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be suitable in specific circumstances. Ask each company you're considering about the payment plans it offers. A staff member can help you determine the best option for your budget.
The table below lists the average payback periods for different capacities of solar systems in New Trier.
A 26% federal solar tax credit applies to new home solar systems purchased through 2032. Extra 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 New Trier
How much energy and money could I save per year by switching to solar?
How widespread is solar energy in New Trier?
Should I anticipate a property value increase after installing solar panels?
How many years does a typical solar system last?
What size should my new New Trier solar system be?
How long does it take to pay back a solar loan in New Trier?
What are some "red flags" to watch for as I research companies?
- Pushy sales approach
- Not being straightforward about warranties, credentials and training, references and cost
- "One-size-fits-all" approach
- Superficial, rushed site evaluation
- No references or testimonials
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from specialty lenders, the government, installer and local banks. You'll need to pass a credit check to qualify for most of them. While the upfront costs are higher, and you'll be responsible for taking care of the system, you'll also have complete ownership and can apply for many more financial rewards.
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