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Does Solar Result in a Lower Energy Bill?

by Kelly Anderson, on Feb 10, 2020 2:21:49 PM


You can pay less each month thanks to solar credit programs. Here’s how.

You’ve probably heard of the great benefits that you can experience by adding solar panels to your Chicago property. And you may have even considered getting a solar installation. But one factor that prevents homeowners from taking the next step is the potential cost. Many installers will promise that you can pay less each month on your energy bill, but how does it work? The short answer is that qualified homeowners can enjoy the benefits of various Illinois state and federal solar credit programs. The long answer? See below.

See Also: How to Take Advantage of the Solar Tax Credit

A Lower Energy Bill?

The long answer is this: a solar panel system can’t lower your energy bill. That’s because, with a 100-percent solar system, you won’t pay anything to your local electric company. Your panels will power everything.

Instead, your monthly bill will come from your installation. After all, it’s an expensive addition to your home. But with a qualifying system, the benefits far outweigh the cost. In other words, your system will essentially replace the payments you’re already making.

And it will likely be less than what you’re paying now. SRECs, Illinois net-metering, and the federal investment tax credit have a significant impact on the cost of your system. 

SRECs are sell-able credits awarded to your system for each kilowatt-hour produced. Through net-metering, the state will buy back excess energy produced by your system. And the investment tax credit will reduce the cost of your system by 26 percent.

The best part? You’re making finite payments -- you’ll own the system once you’re done paying it off, thereby adding value to your property.

The result is a system that produces renewable energy for your home, benefits your local community, and will continue to help you for years to come.

Work with a Premium Installer

At Summit Solar, we’re determined to take you 100-percent solar. If we can’t do that -- or if you don’t qualify for the full benefit from the solar credit programs -- we won’t pressure you into buying a system from us.

We'll help you understand precisely the benefit you'll receive before you invest in a system. You'll know how much sun your home gets throughout the year, how much money you'll pay, and accurate estimates of your credit benefits.

You don’t have to be an expert on solar to start your journey. We’ve got you covered.

If you’re ready to get started, click here or give us a call at 888-884-3557.

Topics:SRECNet MeteringITC