There’s a reason why 12.3 million American homes are now powered by solar energy. More people than ever before are realizing that they can both save money and help the planet by utilizing solar energy for their homes.
However, in some states, it might be harder to pay off your solar investment than in others. If you’re wondering whether or not going solar in Illinois is worth the money, then you’re in the right place.
In this article, we’ll explore some of the incentives the state offers to help residents save money. Let’s get started!
What Incentives Make Solar in Illinois Worth It?
There’s no denying that solar systems represent a significant investment. And, like any investment, it’s important to first decide whether or not it’s worth it to put the money into.
However, it’s also important to remember to find a reliable Illinois solar installer. Luckily companies like Blue Raven Solar (blueravensolar.com/illinois/chicago/) offer great and trustworthy installation rates.
In this section, we’ll go over some of the incentives that can save you money for switching solar in Illinois.
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Net Metering
Net metering is when electric companies compensate you for any excess electricity that your solar system creates. They typically do this based on the same rates when buying electricity from the utility.
Different electric companies offer different rates. However, the good news is that most of the major electric companies in Illinois (MidAmerican Energy Company, Commonwealth Edison, and the Ameren Illinois Utilities) offer these rates for systems that are 2 MW or larger.
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Property Tax Exemptions
When it comes to property tax, Illinois offers quite a few exemptions when it comes to energy upgrades. Specifically, in the form of alternative valuation.
This means any value you add to your home in the form of solar panels, energy controllers, and home batteries won’t need to be applied to your final property tax at the end of the year. This is ideal if you’re thinking of installing a larger system.
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SRECs
One SREC, which stands for Solar Renewable Energy Credit, is awarded to owners every time their system produces one megawatt-hour of electricity. In Illinois, these credits can then be turned into major utility companies.
These credits can then be sold to these energy companies at a profit. This is just one of the ways you can end up making money with your solar system in Illinois, instead of just saving it.
Want More Content? Keep Reading
We hope this article helped you find out whether or not going solar in Illinois is the right call for you. Ultimately, the final answer will depend on your current financial and living situation.
However, as you can see, the state does offer a lot of incentives for people who are willing to leap solar energy. Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep reading to find more topics you’re sure to love.
