Benefits of Solar Energy
Solar energy comes with multiple benefits. Here are some highlights.
- Reduced carbon footprint: Using clean solar power lowers your dependence on fossil fuels, which release greenhouse gases that damage the environment.
- Better energy independence: Adding a solar battery storage system lets you have dependable energy during storms and grid outages.
- Lowered energy bills: You can avoid the expensive cost of grid-tied power by generating some electricity right where you use it. Plus, many states provide net metering which can allow you to sell your unused energy back for credits on your bill.
What Solar Incentives Are Available to Park Ridge Homeowners?
Illinois' public agencies and power companies offer multiple solar incentives to help minimize your solar system costs. Here is a breakdown of eligible solar programs where you live.
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 Park Ridge
The more comprehensive your company investigation is, the better your solar installation will ultimately function. Consider all of these factors in your contractor search.
Licensing and Training
In Illinois, the state Commerce Commission licenses distributed generation energy contractors, including solar installers. Look 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 Park Ridge
Your solar panels' style will affect how much energy you can produce. 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.
If you'd like to charge an electric vehicle (EV) or use your solar power in inclement weather, you can pay extra for add-ons. By choosing the right components, you can make your system more productive and user-friendly. Not every solar company includes these add-ons, so look for a contractor that installs them if it's essential for you.
Generally speaking, it costs about $18,800 for a five-kilowatt solar array in Park Ridge. This table lists more specific pricing information 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 Park Ridge
Choosing the best financing plan will influence your overall solar system cost and potential savings. Common payment options include leases, loans, power purchase agreements, and cash payments. Most solar experts recommend a cash payment or using a solar loan. Cash payments demand a large up-front sum, but they save you from 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. Much like a home or auto loan, you'll pay a set monthly rate with potentially $0 down. Solar leases let you rent your panels for a fixed monthly rate, while PPAs let you pay just for the energy you use, much like an electric bill. Both options disqualify you for solar incentives and don't grant you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Look for providers that offer multiple payment plans to find the right fit for your wallet.
The table below lists the average payback periods for different capacities of solar systems in Park Ridge.
You are eligible for a 26% federal solar tax credit for new solar energy equipment until the year 2032. City and state officials and utility companies might also offer rebates, discounts, and specialized financing options 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 Park Ridge
How much money could I save by going solar in Park Ridge?
Is solar energy easily accessible in Park Ridge?
Should I anticipate a boost in my property value after installing solar panels?
How many years will a typical solar system last?
How long does the photovoltaic installation process require?
What size should my new Park Ridge solar system be?
How does "net metering" work, and do I need to participate?
Some states or energy providers mandate you to participate in net metering when purchasing your solar system, while others give you a choice. Either way, once you sign up, you'll receive a check or bill credit for your excess generation at a wholesale or retail rate.
What's the difference between a PPA and a solar lease?
If you choose a lease, you'll make set monthly payments.
With both leases and PPAs, you do not own your panels and lose eligibility for some incentives. Further, you'll have to "buy out" or transfer the contract if you sell your home during the term.
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