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Evaluating the Pros and Cons of the Solar Panel Price

by Cody McGowan, on May 18, 2020 9:36:08 AM

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Learn How Your Savings Significantly Outweigh the Cost of a New System

Are you thinking about installing solar panels on your home? It can be overwhelming when you’re considering the cost. But don’t let the price fool you. Even though the solar panel cost for a new system may seem high, you’re actually getting your money’s worth and more! Not only will you enjoy significant monthly savings from your solar panels, but you’ll essentially be getting a new roof! When you weigh the pros and cons, the solar panel price for your Chicago, IL, home is well worth it. Read more to discover how this free source of energy translates to real savings for you.

SEE ALSO: Don’t Worry About Solar System Price

The Truth about Solar Panel Installation

Summit Solar doesn’t sugar coat it. Instead, we are always upfront about our prices and how much we can potentially save you. The truth is solar panel installation is a big investment. But unlike a car that depreciates over time or a home that fluctuates based on the housing market, a solar power system always pays you back – possibly ALL of your initial investment.

At the same time, solar panel installation services and the panels themselves have decreased in price over the years. So, what you’d pay now is significantly less than what it was 10 or 20 years ago. In addition, Summit Solar offers various options that cater to your budget, such as zero-down financing, leasing options, and a system that fits your needs precisely. Our primary goal is to save you money on installation and make sure you reap financial benefits from your new system.

It’s Like You Have a New Roof

Most people don’t realize it, but a solar panel system is almost like getting a new roof. Because we install the panels over your existing roof, it provides double protection for your home. The system increases the longevity of the roof under the new solar panels. They also look great! The panels we install are aesthetically pleasing (a black on black panel system). We also channel the conduit under the roof, which hides all the wires.

Summit Solar is not one of those big companies with a “wholesale mindset.” We truly offer customized services and take our time when providing consultations and system design. We’ll also handle all the permitting and installation. The end result is fantastic: a high-performing system that looks sleek as well.

Here’s How You Save

There are 3 ways for you to save money after installing a solar panel system. The first method is called net metering. As your system generates power from the sun, there is usually an excess amount that you do not need. That power goes back to the electric company, and they give you credits (money) for the excess power you produce.

The second way to save is through the Investment Tax Credit. If you own the system, you can deduct 26% of the cost of the system from your taxes. Essentially, the federal government pays nearly 1/3 the cost of your new solar panels! However, there are certain income and tax requirements you must meet to receive this credit.

The final way to earn money from your solar panels system is through SRECs (Solar Renewable Energy Certificates). You earn one SREC for every 1,000 kilowatt-hours of solar power. The program pays homeowners for the electricity they produce. In some states, one SREC is worth $300. But keep in mind, the prices fluctuate based on several factors, including supply and demand.

Want to know more about going solar? Summit Solar is happy to answer all your questions and show you how we can help you save money. Get started by calling 888-884-3557 or completing our online contact form. We look forward to hearing from you.

Topics:Illinois Tax Creditsolar installationSolar Incentives

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