Why There’s Never Been A Better Time To Go Solar In Central Illinois 2023!
Every year, countless homes across America are switching from the grid to solar power. But green energy isn’t just the future for our planet, it’s a valuable resource that can save you thousands of dollars. Go Solar In Central Illinois!
In this article, we’ll explore the reasons why green energy is the way to go for homes in central Illinois, and exactly why there’s never been a better time to go solar.
Ameren Energy Prices Have Skyrocketed in 2023
As the world faces an energy crisis on a massive scale as a result of the war in Ukraine, homes across the United States have seen their monthly energy bills skyrocket.
Few areas, however, have seen their electricity bills jump as drastically as those in the Ameren territory of Central Illinois.
- In June 2022, Ameren raised the price per kWh to 10.6 cents – a 120% increase¹ on the summer period of the previous year.
- In October 2022, the price for Central Illinois cities, such as Bloomington, Peoria and Champaign rose even to over 11.2 cents per kWh – 85% higher than the previous year.
- For Ameren customers in West Central Illinois cities such as Jacksonville, the price will rise even higher, to 12.2 cents per kWh².
- The Energy Information Agency³ (EIA) predicts that average prices will go up even further in 2023, to 15.3 cents per kWh.
Solar Has Never Been More Affordable in Central Illinois
According to the Solar Energy Industries Association⁴ (SEIA), the average cost of residential solar systems in the United States has dropped by 60% in the last 10 years.
This has meant that the average cost of a 6kWh system has decreased from roughly $50,000 in 2011 to between $16,000 and $21,000 today.
How Much Does It Cost To Go Solar In Illinois?
As of April 2022, a solar panel installation in Illinois⁵ costs between $2.64 and $3.56 dollars per watt. The larger the system that you install, the lower the overall price per watt.
The average payback period for a solar system – the length of time it takes to make net savings from the system – is around 5.59 years, which is lower than the national average of 8.7 years.
Go Solar In Central Illinois!
How Much Does It Cost To Go Solar in Champaign, IL?
The average price of going solar in Champaign, IL, as of November 2022 is roughly $3.15 per watt, meaning that a 6kW system would cost around $18,900 before tax credits and incentives.
Following the 30% federal solar tax credit, the average cost of a 6kW solar panel system in Champaign, IL is around $13,230.
How Much Does It Cost To Go Solar in Bloomington, IL?
As of November 2022, the average cost of solar panels in Bloomington, Illinois, is $3.10 per watt. This means that the average 6kW installation will cost around $18,600 before tax credits and incentives.
The total cost of a 6kW solar panel system in Bloomington, IL, after the 30% federal tax credit has been taken into account, is on average around $13,020.
How Much Does It Cost To Go Solar in Peoria, IL?
As of November 2022, the average cost of solar panels in Peoria, IL is roughly $3.15 per watt. This means that the average 6kW installation will cost around $18,900 before factoring in tax credits and incentives.
After the 30% federal solar tax credit has been considered, the average 6kW solar panel system in Peoria, IL will cost around $13,230.
What Solar Incentives Are Available in Central Illinois?
Go Solar In Central Illinois!
If you’d like to upgrade your home to solar energy but you’re worried about the upfront costs, there are a number of incentives available to people living in central Illinois.
These include:
1. The Solar Renewable Energy Certificate (SRECs)
Under Illinois Shines⁶, the Adjustable Block program enables you to earn solar renewable energy certificates (SRECs) for the electricity that your system produces over a 15 year period
For the average homeowner that has moved over to solar, this can result in up to $10,000 of additional savings, on top of what you will save on your energy bill.
2. Federal Solar Investment Tax Credit (ITC)
The Federal Solar Investment Tax Credit (ITC) is a tax credit available to many homeowners who pay for a solar panel system, and is worth 30% of the cost of the installation.
There are certain eligibility criteria that you have to meet in order to receive it – for example, you have to own the system, and you also need to be paying a certain amount in federal taxes.
Most people are eligible, but you should check with your accountant first, just to be sure.
3. Solar Net Metering
Solar net metering is a system by which you can cash in on the excess energy that your solar system produces during the day and feeds into the grid, by generating utility credits.
In Central Illinois right now, the net metering ratio is 1:1. In some states, the solar net metering ratio has been reduced for new solar installations, and so new additions to the scheme will only receive credits worth 75% of what they put in.
If the same happens in Illinois, homes that join during the 1:1 agreement will likely be able to keep their original terms – so going solar now could mean greater overall savings than going solar at a later date.
4. Illinois Solar For All
The Illinois Solar For All⁷ scheme is aimed at making solar more affordable to low-income homeowners and renters, as well as organizations that meet the eligibility criteria.
What Are the Benefits of Going Solar in Central Illinois?
Go Solar In Central Illinois!
The fact of the matter is, there’s never been a better time to go solar in Central Illinois. By going solar in 2022, you have the possibility to:
- Reduce your annual electricity bill by 40%
- Be immune to the crippling price fluctuations of electricity produced by fossil fuels
- Increase the value of your home by up to $15,000
- Go solar for less, with the 30% Federal Solar Investment Tax Credit
- Make additional savings of around $10,000, with the Illinois Shines SRECs program
- Benefit from a net metering ratio of 1:1
- Enjoy savings of around $25,000 over a 20 year period
Go Solar In Central Illinois!
Fed Up With Ameren’s Price Hikes? It’s Time To Go Solar In Central Illinois
If you live in a Central Illinois city such as Peoria and you’re feeling the pinch from Ameren’s price hikes, then maybe you should make the move over to green energy.
Green Home Makeover is here to help you do just that. With over 7 years of industry experience, we’re experts in managing solar projects in Illinois.
We’ll handle every aspect of the process, from A to Z, to ensure that everything goes according to plan and you don’t get caught up in all of the red tape.
If you’re interested in going solar and you’d like to know more, contact Green Home Makeover today for a free, no-obligation consultation and quote.
Read more articles about: Go Solar In Central Illinois
Check these links to read more about:
– What Are the Pros and Cons of Solar Panels in illinois 2022?
– Is It Worth It To Go Solar In Illinois?
Go Solar In Central Illinois 2022!