Solar Panels in Illinois: Are They Worth It?

Solar Panels in Illinois: Are They Worth It?

Did you know that the number of Americans using solar power is expected to triple by 2030? As more people embrace a cleaner source of renewable energy, the cost, and inaccessibility of solar panels decreases. If you live in the Prairie State, you might be wondering if solar panels in Illinois are worth it. 

You may already know that solar energy can add property value and cut energy costs but is that enough for you to make the switch? This guide is here to help you make that decision.

Ready to learn more? Let’s get started.

How Much Do Solar Panels Cost?

One of the biggest reasons that people decide to avoid solar panels is the fear of how much it will cost them. There is no one-size-fits-all quote when it comes to installing solar panels because it varies from home to home. 

With that said, you can look at the different factors that affect solar panel costs and get an idea of how big your budget may have to be.

Some of those factors include:

  • The type of property you have
  • The size of your roof and how much is available for solar panels
  • How many people live in your home and how much power they use a day
  • If there are trees that block any potential sun exposure

Each solar company is different and the one you choose will also affect the cost of installation. The best way to know exactly how much it will cost for your home or business to install solar panels is to receive a quote from professionals. 

They’ll be able to take into account all of the different factors and provide the most accurate quote. 

What Is the Value of Incentives?

As you do your research, you might feel discouraged by the initial costs of installing solar power. If you own property in Illinois, it’s important to take into account how much sun you get and if the overall cost is worth how much you’ll save.

The good news is that the cost of equipment can be reduced if there are incentive payments. There is a 26% federal tax credit available for purchased home solar systems installed by December 31, 2022.

There are also state-based incentives. The amount of the incentive is based on how much renewable energy the panels produced, which ends up being worth about 30% of the cost of a system.

To sum it all up, the net cost of a solar system for Illinois homeowners is about 40% of the gross cost.

Is It Worth Installing Solar Panels in Illinois?

There are different factors to consider when thinking about installing solar panels in Illinois. There are plenty of benefits that come with switching to solar energy, but it can still be a difficult decision to make. It does require you to spend a lot of money in the beginning but over time, you’ll be saving a significant amount on your energy bills.

Solar power is also better for the environment so you can rest easy knowing you made the right choice for both your wallet and the Earth. 

Looking for more articles like this? Be sure to check out the Home and Real Estate section of our blog!

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