Solar Panel Rebates In Illinois

Illinois electric rates rank 18th out of the fifty states.

Solar panel rebates in illinois.

Solar renewable energy credit srec residential. The consensus on illinois solar power rebates and incentives. It s smack dead center when it comes to solar energy. If you re a comed customer and install solar on your business.

25 in the nation for installed solar capacity. Illinois state electric rates. Commonwealth edison offers the top utility net metering program in illinois. While an 8 year payback timeframe is strong there s just not enough solid policy footing to guarantee that estimate for all homeowners.

Illinois average cost of a solar panel installation ranges from 13 132 to 17 768. Solar energy industries ranks illinois no. For your system the value is 7 1 cents kwh produced which is paid in year one. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit at the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation.

A state s electric rates are one of the key factors in predicting whether an investment in solar panels makes sense. The tax break reduces. Illinois solar incentives illinois has a law requiring its utilities to source 25 of their energy from renewable sources by 2025. In 2014 illinois installed 6 megawatts of solar capacity which ranked it 27 th for growth that year.

The law requires a significant portion of that energy come from residential solar to achieve this goal illinois s largest utilities must make incentive payments to homeowners who invest in solar. And the state is more or less on pace to hold its position. For the purposes of this program renewable energy projects include those that utilize wind solar thermal energy photovoltaic cells and panels biodiesel crops and organic waste biomass trees and tree trimmings hydropower illinois produced landfill gas geothermal and other alternative sources of environmentally preferable energy. Another calculation that potential solar buyers have to consider is the solar payback period.

This term tells us as at what time you will recover your. Solar incentives rebates and tax credits available in illinois in 2020. Solar power is in direct contention with electric rates. Comed one of il s largest utility companies provides rebates for commercial and industrial c i customers to help decrease the out of pocket costs of installing solar.

It was a close call but we just can t give illinois an a in solar policy. Rec s are a state incentive whose value is equal to the solar energy you produce over 15 years times the price set by the illinois power agency for rec s. On a cost per watt w basis a solar panel installation in illinois ranges in price from 2 63 to 3 55. Comed commercial solar rebates.