Are Solar Panels Worth It In Chicago

This incentive is paid in cash by comed not by the state of illinois.

Are solar panels worth it in chicago.

Jennifer raber and other workers from ailey solar a firm based in the mckinley park neighborhood of chicago install solar panels on the roof of a southwest side home on march 2 2020. According to energy sage the cost per watt of solar panel installation in chicago averages around 3 20 watt. While solar leases and power purchase. Installing solar panels may not be top of mind for chicagoans who are traumatized by entire weeks without sun but recent data from the real estate brokerage redfin suggests they may be worth it.

For a basic 5 kilowatt kw residential solar installation this means your solar system will cost 16 850 before the federal itc tax credit which is worth 26 of system cost as of 2020 and 12 470 after the credit is applied. Solar panels in illinois also now receive a state based incentive. The most active solar leasing company in illinois right now is sunrun an outfit out of california that has been selling and leasing solar panels for several years. 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.

Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. As of september 2020 the average solar panel cost in chicago il is 3 23 w given a solar panel system size of 5 kilowatts kw an average solar installation in chicago il ranges in cost from 13 728 to 18 572 with the average gross price for solar in chicago il coming in at 16 150 after accounting for the 26 federal investment tax credit itc and other state and local solar. If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands. Here is the definitive list of chicago s top solar companies as rated by the chicago il community.

How are you financing your solar panel system. Sunrun peddles its leases door to door often through third party companies like chicago clean energy authority and sun n us. So for example if you have a home that requires a 6kw system the average cost before any incentives would be around 19 200. Solar companies in chicago il updated 6 27 2020.

And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors.