Are Solar Panels Worth It In Illinois?
Solar panels have been gaining popularity in recent years due to their ability to produce clean and renewable energy.
But are they worth the investment in Illinois? The short answer is yes.
In this article, we will explain why solar panels are worth it in Illinois.
Illinois has a renewable portfolio standard (RPS) which mandates that 25% of electricity sold in the state come from renewable sources by 2025. This means that there are incentives for homeowners and businesses to invest in renewable energy, including solar panels. In addition, the state offers a solar renewable energy credit (SREC) program, which provides financial incentives to those who generate solar power.
The cost of solar panels has been decreasing in recent years, making them more affordable for homeowners and businesses. According to the Solar Energy Industries Association, the average cost of solar panels has decreased by 70% since 2010. In addition, the federal government offers a tax credit of up to 26% of the cost of a solar system installed on a home or business.
In Illinois, the average cost of a solar panel system ranges from $11,000 to $16,000 after tax credits. This may seem like a significant investment, but the savings on energy bills can make up for the cost over time. According to EnergySage, a website that provides information on solar panels and their costs, a typical solar panel system in Illinois can save homeowners up to $20,000 over 20 years.
Another reason why solar panels are worth it in Illinois is that the state experiences a significant amount of sunlight throughout the year. Although Illinois is not known for its sunshine, it receives an average of 4.2 hours of direct sunlight per day, according to the National Renewable Energy Laboratory. This is enough sunlight to produce a significant amount of energy from solar panels.
Installing solar panels can also increase the value of a home. A study conducted by the National Renewable Energy Laboratory found that homes with solar panels sell for an average of 4.1% more than homes without solar panels. This means that homeowners can recoup some of the cost of installing solar panels if they decide to sell their home in the future.
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Is Going Solar in Illinois Worth It?
In conclusion, solar panels are worth the investment in Illinois due to the state’s renewable energy incentives, decreasing costs of solar panels, significant amount of sunlight, and potential increase in home value. Homeowners and businesses can benefit from the financial incentives and long-term savings on energy bills.
If you are considering installing solar panels, it is important to do your research and find a reputable installer who can provide you with an accurate estimate of the costs and savings.
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Yes, Illinois receives plenty of sunlight in all of its seasons to make solar panels a worth while investment. Illinois also has many incentives and discount programs to make going solar more affordable for Illinois residents.
