Benefits of Solar Energy
Solar energy has numerous advantages that will enhance your home for years to come.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
- Lower energy bills: Generating some or all of your own power will cut power costs long-term. Plus, some states offer net metering programs that enable you to sell your unused energy back to the grid, generating extra credits toward your energy bill.
- Better energy independence: Solar panel systems with battery storage systems work through blackouts and emergencies, and you won't have to depend on the electrical grid for your safety and well-being.
What Solar Incentives Are Available to Springfield Homeowners?
The state of Illinois offers several solar incentives to help minimize your solar system costs. Check out a breakdown of applicable solar programs where you live.
Incentive Type: Property Tax Incentive
Incentive Amount:
Varies
Incentive Type: Solar Renewable Energy Credit Program
Website: icc.illinois.govIncentive Amount:
Negotiated with procurement administrators
Incentive Type: Rebate Program
Website: cwlp.comIncentive Amount:
Air-Source Heat Pumps: $300/ton
Geothermal Heat Pump: $500/ton
Rain Barrel: $25
High Efficiency Toilet: $50
Water Heater: $200 - $400
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 Springfield
The cost and efficiency of solar panels often rely on the provider that installed them. Consider each of these aspects in your contractor search.
Licensing and Training
In Illinois, the state Commerce Commission issues licenses to distributed generation energy contractors, including solar contractors. Check for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most respected trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Springfield
The type of solar panels you select dictates how much energy you can produce. Monocrystalline panels and high-quality and cost more but give you the best performance. 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.
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 performance. Not every solar company includes these extras, so look for a contractor that sells them if it's important for you.
You can expect to pay about $18,800 on average for a five-kilowatt solar energy system in Springfield. Use the table in this section to get an idea of what amount Springfield solar companies might quote for your specific solar system's price.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,184 |
| Solar Polycrystalline | $923 |
| Thin-Film | $540 |
| Solar Battery | $757 |
| Solar Home EV Charger | $2,841 |
Financing Solar Energy in Springfield
Choosing the right financing solution will impact your overall solar system cost and expected savings. Common payment options include loans, leases, cash payments, and power purchase agreements. Most solar experts recommend a cash payment or using a solar loan. Cash payments require a large up-front sum, but they help you avoid 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. Similar to a home or auto loan, you'll pay a set monthly rate with 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, as with an electric bill. We typically don’t recommend these two choices because you won't own the solar system and cannot use solar incentives. Look for providers that offer several 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 Springfield.
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 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 Springfield
How much energy and money could I save per year by switching to solar?
How widespread is solar energy in Springfield?
Should I expect a property value increase after switching to solar energy?
How long is a Springfield solar panel's average lifespan?
How do I care for my new solar system?
What is the average payback period for Springfield solar panels?
What are some "red flags" to watch for as I research companies?
- High-pressure sales tactics
- Being evasive about cost, warranties, references and credentials and training
- Inflexible options
- Superficial, rushed site evaluation
- Limited online information
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