ComEd, the electric utility for most of northern Illinois, has just announced that electricity supply rates will increase by more than 10% beginning in October 2018. With this ComEd rate increase, typical homeowners will see their electricity bills go up by $38-55 over the coming year, according to Crain’s Chicago Business.
This makes solar an even better investment than before. Thanks to the new Illinois incentive program, solar energy was already cheaper than ComEd. But, with grid energy prices increasing even further, solar is a fantastic alternative.
The Impact of the ComEd Rate Increase
Here’s how the math works. If you invest in a solar system, you get paid back in three ways:
- A federal tax credit (precisely 30% of the system price)
- An Illinois cash incentive (roughly another 30% of the system price)
- Your savings every month because you don’t have to buy as much electricity from utility (ComEd)
When you have a solar system and utility rates go up, so do your monthly savings. The higher utility rates are, the better the economics of going solar.
For homeowners looking to beat this rate increase, there’s no better place to start than solar! Contact us for a completely free consultation.