How much will going solar cost you? This guide will help you understand solar panel costs in Illinois, including the factors that go in to determining that cost.
The cost of owning solar panels
The typical cost of going solar ranges from $15,000 to $35,000 before incentives. After incentives, which in 2019 cover about 60% of that cost, you likely end up in the $6,000 to $14,000 range.
What incentives? In 2019, the federal government covers 30% of home solar panel costs via a federal solar tax credit. ComEd covers an additional nearly 30% of the system cost by purchasing Solar Renewable Energy Credits (SRECs) from the homeowner.
$0 down options
Even after incentives, you still have some cost. But that doesn’t mean you need to go out of pocket to cover it. We have a range of financing options available to manage the remaining solar panel costs and allow you to own a solar system for $0 down (if you so choose).
The cost of leasing solar panels
Homeowners who lease a solar system have no upfront solar panel costs and immediately starting saving money on their monthly electric bill. In other words, it’s the best of both worlds.
We only offer leases when the annual payment on the lease is less than what you would pay to your utility for the same amount of electricity. In most cases, you pay far less than grid rates for the electricity generated by your solar system.
Solar panel cost factors
The typical solar panel cost range provided above is fairly wide, so what factors determine the actual cost of solar panels for a specific homeowner?
Cost of the actual solar panels
The number of panels in a solar system is the biggest driver of cost. Systems with more panels are more expensive than systems with fewer panels. So the key question is, how many panels do you need? This depends on your electricity usage and certain characteristics of your roof.
How electricity usage affects solar panel costs
It’s a common misunderstanding that solar panel costs can be estimated by the square footage of a house. Actually, it’s electricity usage that matters most.
For example, imagine two houses in the Crystal Lake, IL area which have the same square footage. The first is a two-person household which doesn’t need to run the major appliances very often. The second household is home to a family of five with a pool that uses an electric heating system. This family also needs to run the dishwasher and laundry multiple times per week to clean up after big family meals and outings.
It’s highly likely that the two households, despite living in houses with the same square footage, will have very different solar panel costs. The two-person household may only need 12 panels to generate the amount of electricity they need while the family of five may need 28 panels to offset their electricity usage.
Because electricity usage is a major determinant of how many panels a household needs, it’s therefore a major factor in determining a household’s solar panel costs.
How a house’s roof impacts solar panel costs
The second major factor in determining how many panels a house needs is the solar suitability roof. Determining if your roof is good for solar is not always simple and usually requires detailed analysis.
The solar suitability of your roof depends on the roof’s orientation to the sun, its slope, and any shading.
Imagine two houses in Huntley, IL, one medium shaded and one in full sun, that use the same amount of electricity each month. The medium shaded house will likely need more solar panels to offset the same amount of electricity usage than the house that has a roof with full sun.
Solar panel costs over time
The upfront cost of solar panels isn’t the only cost to think about when deciding if going solar is right for your home.
As with any major home improvement, you’ll want to (1) make sure you have a good understanding of other potential costs that could come up over the lifetime of the system, and (2) know for sure whether or not those costs would be covered by your solar warranty. At Certasun, we believe that homeowners should have complete information provided to them before making a major decision about their home. That’s why we offer our No Surprises Guarantee.
Solar panel costs for your home
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