Benefits of Solar Energy
Solar energy provides several advantages that will enhance your home for years to come.
- Lowered energy bills: With a solar array, you produce power without paying the tacked-on costs of grid-connected power. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states have adopted net metering, which permit you to earn money by selling your unused energy back to the grid.
- Better energy independence: Adding a battery storage system lets you have trustworthy energy during storms and grid outages.
- Reduced carbon footprint: Utilizing solar is a surefire way to minimize your carbon footprint and home fossil fuel dependency.
What Solar Incentives Are Available to Schaumburg Homeowners?
The state of Illinois offers a range of solar incentives to help offset your solar system costs. Check out a breakdown of available 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 Schaumburg
The price and efficiency of solar panels often rely on the provider that mounted them. Consider all of these factors in your company search.
Licensing and Training
In Illinois, the state Commerce Commission regulates distributed generation energy contractors, including solar installers. You should also visit a company's website to learn about its private credentials. Two of the most prestigious are the PV Installation Professional and Solar Heating Installer certificates, awarded by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Schaumburg
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 provide a lower price point but produce less power. 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 battery backups and electric vehicle (EV) chargers. These will increase your total installation cost, but they can maximize your solar system's performance. Not all solar contractors provide these additional features, so look for a contractor that installs them if it's a priority for you.
Generally speaking, it will cost about $18,800 for a five-kilowatt solar array in Schaumburg. This table displays more specific pricing information for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,191 |
| Solar Polycrystalline | $929 |
| Thin-Film | $543 |
| Solar Battery | $762 |
| Solar Home EV Charger | $2,858 |
Financing Solar Energy in Schaumburg
There are a plethora of ways to pay for a new solar system, and the right one will help you decrease overhead. A few of the most common options include power purchase agreements (PPAs), cash payments, leases, and loans. Though it involves a large up-front payment, cash is the most cost-effective choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the next best option. As with a home or auto loan, 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 fee to rent your panels, while a PPA lets you pay a variable rate based on only the energy you use. We generally advise against these options since you won't own your system and are disqualified from solar incentives, but they might be suitable in specific circumstances. We recommend working with a company that offers multiple financing options. Speak with 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 Schaumburg.
You are eligible for a 26% federal solar tax credit for new solar energy equipment until the year 2032. Municipal and state governments and utility companies might also offer discounts, rebates, and unique financing solutions 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 Schaumburg
How much energy and money could I save per year by switching to solar?
How widespread is solar energy in Schaumburg?
Should I expect a property value increase after installing solar panels?
Could I still use solar power if I live in a dark, wooded, or rainy area?
What's a Schaumburg solar panel's average lifespan?
What's the average solar system size in Schaumburg?
How are a solar lease and PPA different?
If you choose a lease, you'll make fixed payments each month.
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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