How Much To Install Solar Panels In Illinois

This is as close to free money as you can get. Don t worry because after tax breaks and energy savings your first year costs will be considerably less than that. If your system produces 6 recs in a year you have the potential to earn over 500 and all you have to do is register your system.

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On a cost per watt w basis a solar panel installation in illinois ranges in price from 2 63 to 3 55.

How much to install solar panels in illinois.

To receive the rebate your solar panel system cannot be larger than 2 000 kw in capacity. Given a solar panel system size of 5 kilowatts kw an average solar installation in illinois ranges in cost from 13 175 to 17 825 with the average gross price for solar in illinois coming in at 15 500. The upfront price of the residential 5kw solar system will be in the range of 21 000. This is lower than the average price of residential solar power systems across the united states which is currently 2 60 per watt.

As of september 2020 the average solar panel cost in illinois is 3 10 w. Currently the program is in block 1 so depending on where you live you can receive either 85 20 per rec or 72 92 per rec. If you re a comed customer and install solar on your business you re eligible for 250 per kilowatt kw of installed solar power. Illinois average cost of a solar panel installation ranges from 13 132 to 17 768.

Here is our breakdown of the costs and savings when installing a 5 kw pv system in illinois. Installing a typical 7 5 kw solar system should start at about 15 000 after the illinois adjustable block program discount. As of sep 2020 the average cost of solar panels in illinois is 2 57 per watt making a typical 6000 watt 6 kw solar system 11 397 after claiming the 26 federal solar tax credit now available. That s far cheaper than solar has ever been but it s still a big investment.

Subtract the 25 rebate available in illinois equivalent to around 5 250 and your initial investment is now around 15 750. Another calculation that potential solar buyers have to consider is the solar payback period. Illinois solar tax breaks these two tax incentives offered in illinois can make going solar even more affordable. This term tells us as at what time you will recover your initial investment through electricity savings from your solar system.

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