3 Things You Should Know About Solar Installation Cost
by Kelly Anderson, on May 1, 2020 9:00:00 AM
Explore the possibilities of adding a solar system to your property
For many homeowners in the Bloomington, IL area, adding solar panels to their property is more critical now than ever. Saving money is essential, and you can quickly reduce the amount you pay in monthly energy expenses with a solar panel system. If you're considering adding a system to your home, here are some essential things you should know about solar installation cost. Ready to learn more? Keep reading.
- They’re Not Free
You’ve probably seen plenty of stuff online about “free” solar panels. Well, the truth is that you probably won’t find any free panels. While they’re very valuable to both homeowners and the local power grid, you can’t get them for free.
Instead, when you see the word free, what they usually mean is "no money down." In other words, you'll finance your system, and the cost will replace your monthly energy bill. The good news is that the monthly price is often less than your current energy bill. That way, you'll end up saving money with a system.
- They’re Expensive
If you haven't had a shading analysis yet to see if you're eligible for a solar system, you may think it's too expensive for you. Well, as mentioned above, the financed cost will likely amount to less than your monthly electric bill. That's thanks to state and local incentives that can reduce the overall cost of a purchased system.
SRECs will give you credit for the excess energy your system creates. The ITC will provide you with a credit for up to 26-percent of the overall price, and Illinois net-metering will ensure you don't have to store the power on a personal battery. In other words, a solar installation is very affordable for many homeowners.
- You’ll Own Your System
To be eligible for most of the incentives, you’ll need to own your system. That means you won’t get the up-front cost reduction of leasing it. However, you’ll enjoy even more benefits, including added home value.
On average, a solar panel system you own adds 4-percent to your home value. And thanks to Illinois's property tax laws, you won't have to pay taxes on the increased value. That means more money in your pocket when you switch to solar.
Work with a Local Professional
Explore the possibilities of adding a solar panel system when you work with Summit Solar. If you can't save money with solar, we won’t pressure you into buying a system.
Want to learn more? Click here or give us a call at 888-884-3557.