In 2019, over 2 million homes had solar panel installations. It’s true that most of these panels are installed in places with lots of sun, like California, Hawaii, and New Mexico.
So solar panels might be popular in other parts of the US, but what about in Illinois? Are Chicago solar panels worth it?
We certainly think so! Read on to find out why.
You’ll Get Great Incentives
On a federal level, you can get 30% tax credit for installing solar panels in Chicago. On top of that, private utility companies in the city will also give you back 25% of the costs.
The state of Illinois also has a property tax exemption for solar power.
It’ll Pay for Itself in a Few Years
On average, it’ll take about 8.5 years for solar panels in Chicago to pay for themselves. And after that, expect to save around $20,000 in 20 years, which works out to $1,000 in savings per year!
So if you have the money for it, it’s worth getting solar panels, even in cloudy Chicago.
Solar Panel Leasing Is Available
Solar panels can be expensive to afford outright. If you’ve priced them up and realized you can’t pay for them, you haven’t necessarily hit a dead end.
Illinois is a state where you can apply for solar panel leasing. So you can still reap the benefits of solar energy without having to fork over a large amount of money at once. The only downside is because you’re leasing, the panels belong to a third party, not you.
There’s Net Metering
Thankfully, the state of Illinois has a great net metering policy. If your solar panels generate more energy than you can use in a month, you’ll be able to carry it over to the next.
However, do note that these credits expire at the end of the year. So make sure you fit your home with an appropriately-sized solar energy system. Otherwise, you’ll be literally giving away energy for free!
It Increases Your Property Value
Anything you do to upgrade your house will increase its value, and solar panels are no exception. Not only that, but when you decide it’s time to sell, it’ll also go much quicker.
Even if you don’t decide to sell in the end, you’ll have a higher-valued property to pass onto your children or to take out higher loans with.
Experience the Benefits of Chicago Solar Panels for Yourself
After reading this article, it should be clear to you now that Chicago solar panels are worth every penny you spend. While you do have to spend a good deal of money to have them installed, there are financing options available, as well as leasing ones. Plus, you’ll make that money back and start saving in no time.
So if you’ve been asking, “are solar panels worth it in Chicago,” it’s a resounding “yes” from us!
Did you find this article on solar panels in Chicago helpful? Then browse the rest of our blog for more informative posts!
Also Read: 5 Ways To Save Money Through a Smart Home