Benefits of Solar Energy
Solar energy has several advantages that will enhance your home for years to come.
- Better energy independence: Solar panel systems can keep your home running through blackouts and emergencies. You can use your solar energy anytime with optional battery backup.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
- Lowered energy bills: You can skip the added cost of grid-tied power by generating some electricity at home. Plus, many states offer net metering which can allow you to sell your unused energy back to credit part of your bill.
What Solar Incentives Are Available to Oak Park Homeowners?
Illinois homeowners who go solar could qualify for reimbursements, rebates, tax credits and special financing. Here are just a few of the area'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 Oak Park
The price and performance of solar panels often hinge on the provider that installed them. Make your choice based on the following important considerations.
Licensing and Training
In Illinois, the state Commerce Commission issues licenses to distributed generation energy contractors, including home solar installers. Solar companies can also obtain certificates 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 Oak Park
Different solar panel types look and perform differently. Monocrystalline panels offer the best energy production but cost more than other options 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.
You can also add electric vehicle (EV) chargers and battery backup systems. These will increase your total installation cost, but they can enhance your solar system's efficiency. Not all solar contractors include these optional components, so look for a contractor that installs them if it's important for you.
If you're a resident of Oak Park and are looking into a five-kilowatt solar energy system, you could expect to pay about $18,800 for materials and labor. Find more information on specific component and solar panel costs 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 Oak Park
Solar contractors offer multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are cash payments, solar leases, solar loans and power purchase agreements (PPAs). Though it involves a large up-front payment, cash is the most cost-effective choice because it doesn't accrue interest and qualifies you for incentives. 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 cost-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) enables you to pay a monthly rate determined by the energy you use, similar to an electric bill. We typically don’t recommend these two choices because you won't own the solar system and cannot use solar incentives. We recommend working with a company that offers multiple financing options. Talk to each consultant about what's available, and get 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 Oak Park.
A 26% federal solar tax credit applies to recently-purchased solar equipment purchased through 2032. Extra incentives may be available through local 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 Oak Park
How much money could I save by going solar in Oak Park?
How common is solar energy in Oak Park?
Should I expect a property value increase after adopting solar power?
What if I live in a dark or rainy
What can I do to assess my home's solar viability?
Is installing solar panels a quick job?
What's the difference between a PPA and traditional financing?
You might consider 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 solar financial incentives. Many solar experts don’t recommend PPAs. Our guide covers other financing options above.
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