Find out the average cost of installing solar panels on your home in Illinois with this handy calculator.
Are you considering installing solar panels on your home in Illinois? If so, one of the first questions that may come to mind is how much it will cost. The cost of a solar installation can vary depending on several factors, including the size of the system, the type of panels used, and your location. In this article, we will explore the average home solar installation cost near Illinois and provide you with a useful cost calculator to estimate the expense of your project.
The cost of a solar installation is typically measured in dollars per watt ($/W). This unit represents the cost of the system per unit of power it produces. On average, the cost of solar panels in Illinois is around $2.50 to $3.50 per watt before any incentives or tax credits are applied. However, it is crucial to note that these figures are just estimates, and the actual cost can vary significantly depending on the factors mentioned before.
To get a more accurate estimation of the cost of solar installation for your home, you can use a solar calculator. Solar calculators take into account various factors such as your energy usage, location, and available sunlight to give you an estimate that aligns with your specific circumstances.
Let's take a look at an example. Say you live near Illinois and use around 10,000 kilowatt-hours (kWh) of electricity per year. With this information, you can use a solar calculator to estimate the size of the system you will need and the approximate cost. Based on the average electricity consumption, a 5-kilowatt (kW) solar panel system may suffice.
To calculate the cost, you will multiply the estimated size of the system (in kilowatts) by the average cost per watt. In this case, let's assume the average cost is $3 per watt. Therefore, the cost of a 5 kW solar installation would be 5 kW * $3/W = $15,000.
Keep in mind that this is an estimate without considering any incentives or tax credits. Thankfully, there are various incentives available in Illinois that can significantly reduce the cost of your solar installation. The most impactful incentive is the federal investment tax credit (ITC), which offers a 26% tax credit on the cost of your solar system. Using our previous example, this would translate to a savings of $3,900 on a $15,000 installation.
Additionally, Illinois provides a state-level solar rebate program called Adjustable Block Program (ABP). The ABP offers cash incentives based on the size of your solar panel system. For residential installations, the rebate is currently set at $0.15 per watt, which can further reduce the cost of your solar installation.
Utilizing these incentives, our previous example installation cost of $15,000 would go down to $11,100, thanks to the federal tax credit and state rebate. It is important to note that the availability and amounts of these incentives may change over time, so it's crucial to check the current programs and their requirements.
In conclusion, the average cost of home solar installation near Illinois can range from $2.50 to $3.50 per watt. However, using a solar calculator and considering available incentives, you can get a more accurate estimate for your specific circumstances. Installing solar panels not only helps you save on your electricity bills but also contributes to a cleaner and more sustainable future. So why not take advantage of the sunny days in Illinois and harness the power of the sun for your home?