Is Solar Energy Worth It In Illinois

There are three primary rebates that homeowners in chicago can use to bring down the costs of their solar investment.

Is solar energy worth it in illinois.

The renewable portfolio standard rps in illinois mandates that electric utilities obtain 25 of their energy from renewable energy sources by 2025. How are you financing your solar panel system. The good news is that rooftop pv systems owned by homeowners count toward the goal and for electric utilities it s cheaper to incentive residential solar power instead of developing the renewable power capacity themselves. The solar renewable energy credit srec this system lets homeowners generate credits for every.

Naturally all illinois residents qualify for the 26 percent federal itc tax credit. While solar leases and power purchase. The amount of the incentive is based on the amount of renewable energy the panels will produce but for most people it ends up being worth about another 30 of the cost of a system. You compare the value of any applicable heating or cooling system already on your property to the value of your new solar energy system.

This incentive is paid in cash by comed not by the state of illinois. When installing solar in illinois any reputable installer will alert you to alternative valuation of energy systems on your property. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value.