Say Goodbye To Energy Inflation With Solar Panels

Electricity prices have risen year on year for decades, due to ongoing inflation in the energy markets, but last year’s price hikes made many homeowners feel the pinch.

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1 Say Goodbye To Energy Inflation With Solar Panels

1.1 Say Goodbye To Energy Inflation With Solar Panels

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In this article you’ll learn how solar panels can help you escape inflation in the energy markets and save you thousands of dollars – and we’ll also tell you how you can get free solar panels in Illinois in 2023.

Electricity Prices From Solar Are One Price

With solar panels, you pay an upfront cost for the equipment and installation, and then once your system is up and running, you get free, 100% clean energy for as long as your system lasts.

The solar panels that we use at Green Home Makeover are among the best in the industry. They come with a 25 year warranty and have a life expectancy of 40 years.

How Much Can You Save With Solar Panels?

Over their lifetime, solar panels can save you tens of thousands of dollars compared to what you would have otherwise paid in utility costs.

The exact amount that you save depends on your local electricity prices and how much electricity you use, but:

The average U.S. household spends about $125 per month on their energy bill. If your system is built to cover your entire usage, this could mean savings of $1,500 per year
According to Forbes Home, the average homeowner that switches to solar in the state of Illinois saves around $1,391 per year
Over their 40 year service life, this means that your solar panels could result in net savings of $25,000 – $40,000 in total

How Much Do Solar Panels Cost?

The total cost of solar systems is dependent on several factors, including where you live and what size system you have installed.

A very small solar system could cost as little as $5,000, whereas a large-scale ground mounted system with solar tracking might end up costing upwards of $40,000.

Another factor that affects the total cost of your solar panel system is whether or not you opt for a solar battery. A solar battery system could cost anywhere from $200 for a single emergency battery to $14,000, for daily usage.

Nationally, the average cost of a 6 kilowatt (kW) solar panel system ranges from $13,600 and $24,000, prior to incentives
The average price per watt of solar panels in the United States is around $2.90 per watt
In Illinois, the average price of a 6kW solar panel system in 2023 is between $16,750 and $20,000, before tax credits and state incentives are factored in
The average price per watt for solar panels in Illinois ranges from $2.75 to $3.35 per watt
Federal tax credits and local solar incentives can significantly reduce the overall cost of a solar panel system

What Solar Incentives Are Available In Illinois?

There are a number of incentives that are available to Illinois residents that install solar panels on their properties. They include:

The Federal Solar Investment Tax Credit
Solar Renewable Energy Certificates
Solar Net Metering

The Federal Solar Investment Tax Credit

The Federal Solar Investment Tax Credit (ITC) is a tax credit available to eligible taxpayers in the US, which is worth 30% of the total cost of your solar panel system.

There are certain eligibility criteria that you have to meet, and as solar consultants we’re not qualified to advise our clients on their eligibility, so you should always check your eligibility with your accountant or CPA before buying solar panels.

For more information on the Solar ITC, check out our blog article “Solar Tax Credit Extension For 2023: All You Need To Know” Say Goodbye To Energy Inflation With Solar Panels

Some installers will apply on your behalf and automatically deduct the amount from what you pay, though if you do have to apply for yourself, you should be aware that it can take up to 18 months to receive the payout.

Solar Renewable Energy Certificates

Solar Renewable Energy Certificates (SRECs) are provided by Illinois Shines, via the Adjustable Block Program. They’re payable as a lump sum, and can be worth up to 25% of the total cost of your system.

Solar Net Metering

Solar Net Metering is a scheme available in Illinois that allows you to get the full benefit of your solar panels, without having to invest in a solar battery system.

The way it works is that your utility company exchanges the excess electricity that you feed into the grid during peak hours for utility credits, which can be offset against the cost of the power you draw from the grid later in the day.

Currently, the agreement available to new homes under the solar net metering scheme provides utility credits on a 1:1 basis – so you get back what you put in.

However, once solar penetration reaches 3% of peak demand, the net metering ratio will be revised for new homes that join the scheme, with less favorable terms.

Therefore, if you want to have the current terms so that you can enjoy the full benefit of your investment, it’s best to install your solar panels sooner rather than later. Say Goodbye To Energy Inflation With Solar Panels

Can You Get Free Solar Panels In Illinois?

In 2023, believe it or not, it is actually possible to get free solar panels in Illinois, so that you can have the financial benefits of solar without the heavy upfront costs. There are two ways that you may be able to do this. They are:

The “Illinois Solar For All” solar access scheme
Leasing your solar panels

Illinois Solar For All

Illinois Solar For All (ILSFA) is a scheme that makes solar accessible to income-eligible applicants that live in Illinois.

The scheme provides free solar panels, or shares in community solar projects, to individuals that meet the eligibility criteria.

Green Home Makeover is an approved vendor of Illinois Solar For All, and we’re proud to have provided many low income households with access to solar, via participation in this scheme.

If you think you may be eligible, you should get in touch for more information and to discuss the options available to you. Say Goodbye To Energy Inflation With Solar Panels

Solar Panel Leasing

A solar panel lease is a great way to save significant sums of money with solar, without having the burden of the upfront costs, if you’re not eligible for Illinois Solar For All.

At Green Home Makeover, the solar leases we provide are for a 20 year period and you pay a fixed monthly fee, as opposed to paying a variable rate that’s subject to inflation.

We offer solar leases to customers that have a credit score of 650 or better, and the average customer that leases solar panels from us saves between 35 – 40%, compared to what they would have otherwise paid in utilities.

For more information on solar panel leasing, check out our blog article “Leasing Solar Panels In 2023”.

Say Goodbye To Energy Inflation With Solar Panels

Solar panels are the easiest way to escape the annual inflation that has been occurring in the energy markets for decades.

If you’re looking into getting solar panels, you’ll no doubt be realizing that the process isn’t as simple as many people might think. That’s why Green Home Makeover is here to help.

We’re a solar consultancy offering more than 8 years of industry experience, helping homes across Illinois to switch to solar, without the stress that solar projects can entail.

We’ll assess your home and energy requirements, design your system and advise you on your best options. We’ll also manage your solar project, from A to Z – all you need to worry about is being home on the day of the installation.

If you’d like to know more about how we can help you to install solar panels, get in touch today for a free, no-obligation consultation and quote. Say Goodbye To Energy Inflation With Solar Panels