Illinois Solar Panel Installations: Prices and Savings 2023 | EnergySage (2023)

Solar Energy in Illinois

Illinois Solar Panel Installations: Prices and Savings 2023 | EnergySage (1)

Illinois, a Midwestern state characterized by farmlands, forests, rolling hills, and wetlands, is also becoming known for solar, with a variety of solar incentives sure to attract energy-conscious homeowners. From a strong RPS and net metering policy to a property tax break for solar buyers, Illinois is proving to be a solid state for solar installation.

How much do solar panels cost in Illinois?

The average cost of installing solar panels in Illinois ranges from $13,430 to $18,170. Based on cost per watt ($/W), the price of a solar panel installation in Illinois ranges from $2.69 to $3.63.See how Illinois compares to US solar panel costs.

Another calculation that prospective solar buyers need to consider is thatSolar Amortisationszeit. This term tells us when you have amortized your initial investment through electricity savings from your solar system. For Illinois, the average solar payback time is 4.83 years.

Another decision solar buyers face is how to pay for a solar panel system. Fortunately, there are many financial options to ensure the customer can afford installations. Cash purchases are a common payment method for solar systems and often result in the most long-term bang for your buck. If prepayment isn't right for you,SolardarlehenAndSolarleasing/PPAsare available to finance a solar system.

What Solar Panels Should I Install in Illinois?

Illinois Solar Panel Installations: Prices and Savings 2023 | EnergySage (2)

For property owners, you can now customize your solar panels, inverters, racking and batteries, as well as the overall aesthetics of the installation. This customizability has made it important for solar consumers to understand these various factors. For example thebest solar panels availablecan have bonusefficienciesand warranties, but tend to be more expensive. However, depending on the size of the installation, you will need to determine ifhigh-efficiency solar panelsthat can produce more electricity are worthwhile. Your risk tolerance can also help determine which onesSolargarantienbest fit your needs. These are just a few of the many factors to consider when choosing solar panels.

How much energy can I get from solar power in Illinois?

Illinois Solar Panel Installations: Prices and Savings 2023 | EnergySage (3)

Apart from thePerformanceRegardless of the solar system you plan to install, the amount of energy you generate with solar panels in Illinois is directly related to the amount of sunlight hitting your panels. Illinois receives below-average sunshine, which means you need more solar panels to produce the same amount of electricity than other, sunnier states.

There are other factors that determine how much solar power you can produce. These includeshadingAndPanel shop, which are used to calculate your grand totalproduction estimate. a prediction of how much energy your solar array will produce over time. This evaluation provides a clear estimate of how much energy your solar system will produce. You can see how much solar panels can save you by using the , based on factors such as geographic location and shadingEnergySage Solarrechner– The calculator takes into account site-specific conditions such as shade and geography.

History of Solar Policy in Illinois

Residents of the State of Lincoln may be encouraged by their state's recent efforts to promote renewable, and particularly solar, energy in their state. In 2019, Illinois ranked 34thSEIA's national ranking for solar, with an installed solar capacity of 100 megawatts (MW). However, Illinois rose an impressive nine places in the rankings between 2017 and 2018, demonstrating the impact of the state's recent solar efforts. Additionally, SEIA forecasts that the state will climb to 12th place in installed solar capacity in the country over the next five years by adding nearly 2,000MW of additional solar capacity, an increase largely attributed to both falling solar costs and falling solar energy costs is Illinois' recent efforts to raise and improve its Renewable Portfolio Standard (RPS).

Following theDeregulation of the Illinois Electricity MarketIn 1997, the state set about laying the foundations for a healthy, competitive energy market for its residents. Their policy approach from the start was to achieve this through financial incentives and government grants rather than mandates or regulations. For solar energy, the first major step Illinois took to encourage installations was the passage of theSpecial report for solar energy systemsin 1998. The bill, as it stands today, provides for property tax relief by equating the assessed solar system to no more than the value of a conventional energy system.

Illinois made further advances for all alternative energy by making this happenRenewable Energy Trust Fund (RERTF)later in 1998 and theClean Energy Community Foundation (ICECF)in December 1999. These charitable funds were created to support renewable energy through grants, loans and other incentives. For the RERTF, surcharges on customers' electricity and gas bills support the grants, which were then made available to all residents. Although the fund closed in 2015, over its lifetime the fund awarded more than $55 million in incentives, over 223 grants awarded and more than 1,600 rebates. For the ICECF, the organization is structured as an independent foundation with a $225 million endowment provided by one of Illinois' largest utility companies: Commonwealth Edison. Since its inception, the Foundation has awarded over 5,000 grants totaling $258 million to Illinois nonprofits, schools, communities and other local and state government agencies.

Beginning in 2007, Illinois changed its approach to promoting renewable growth, instead focusing on renewable and alternative energy regulations and mandates. The first policy introduced under this new paradigm was net metering, a foundational regulatory policy for any strong solar state that requires investor corporations (IOUs) and alternative retail electricity utilities/providers (REPs) to buy back any net excess generation from residents in their own energy systems .

Illinois followed with a state mandateRenewable Portfolio Standard (RPS)established by the Illinois Power Agency Act, which also created the Illinois Power Agency (IPA), a new Department of State to outperform future energy plans. While the state established an RPS in 2001, utility companies' participation was voluntary. The revised structure and power procurement plan introduced a 2025 deadline for IOUs and REPs to source 25 percent of their eligible electricity sales from renewable sources.

The RPS did not immediately result in a boom in the state's renewable energy industry, due in large part to the passage of the Municipality Aggregation Act in 2010, the existence of separate funding accounts for the IPA, and the state's ongoing fiscal crisis.

Illinois solved many of the problems that were impediments to renewable growth with the passage of the 2016Future Energy Jobs Act (FEJA). For renewable energy, this bill streamlined funding within the IPA to allow for more continuity in the advancement of these technologies. Specifically for solar, FEJA added wording to the state's RPS to include a 1.5 percent solar spin-off by 2025 over and above its original mandates. To conform to this procurement plan, the state redesigned itsSolar Renewable Energy Credit (SREC)the so-called "Adjustable Block Program" (ABP). Overall, this structure will offer residents greater monetary value than the previous structure, as SRECs are intended to be based on fixed rates per block eligibility rather than floating rates.

With this strong commitment to renewable energy and specifically solar energy, Illinois should become one of the leading solar states in the near future.

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