Illinois
Financials & Incentives

With utility rate increases in Illinois, going solar is a great way to lower your energy bill and lock in your energy costs. Here we can answer your questions on costs and savings of solar energy, available incentives and financial options.

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How
Incentives & Financing Make Solar Affordable

With the cost of solar panels and solar energy technology steadily decreasing over the years, going solar has never been more affordable—and that’s on top of immediate energy bill savings and  incentives that can significantly reduce your project costs by up to 60%. Though some homeowners prefer to pay cash in full, not everyone can pay upfront for a home energy system. Fortunately, there are several solar financing options available to homeowners such as solar loans.

INCENTIVES
FINANCING OPTIONS
SOLAR COSTS

Save up to 60% with
Illinois Solar Incentives

Discover incentives to help make solar more affordable for you.

Federal Incentives

26% Federal Tax Credit

Receive 26% of the full system cost back as a credit against your total tax liability for the year your system was installed. This tax credit is 26% for systems ‘placed in service’ by December 31, 2022. In 2023, the tax credit drops to 22% and then starting in January 2024 expires entirely for residential systems. After 2024 the tax credit for commercial and utility entities will be 10%. Learn more details (including the IRS form) at EnergyStar.gov.

Illinois Incentives

Solar Renewable Energy Credits (SRECs)

Recover 20-30% of the original solar system cost with cash payments upfront or over 5 years, depending on system size, from the Illinois Power Agency. Solar Renewable Energy Credits are based on the production of your solar PV system. Click here to learn more.

Most Common
Solar Financing Options

Comparing Your Solar Financing Options

Here are some final notes on the different solar financing options available:

Tax incentives – With a solar loan, unlike with solar leasing, you own the solar panel system outright and you may be able to take advantage of tax incentives.

Maintenance and repairs – With a loan, you own the solar panel system and you will have to pay for maintenance and repairs yourself. With a lease, SunPower (StraightUp Solar’s leasing partner in Illinois) will be responsible for the maintenance and monitoring of the system and costs won’t fall on you.

Long-term savings – When you purchase a solar energy system through a solar loan, the system will eventually be paid off. After that point, you are generating free electricity for your home without having to make monthly payments, giving you greater long-term savings than systems covered by solar leases.

Selling your home – If you want to sell your home, solar leases can be passed onto the home’s next owner.

How Much Does Solar Cost?

Our Project Developers customize pricing for each solar array construction based on three elements:

  • Modules, inverters, batteries, and other system components you may prefer
  • Layout of the array, and whether it is a ground-mounted or roof-mounted system
  • The electrical alterations needed for the home to integrate solar

The good news is the cost of going solar has come down 80% in the last decade, and it is affordable for the average working family.

Projects typically require little money down with financing, or range from $20,000-$60,000 before incentives.

We can estimate your pricing, including incentives and energy bill savings, with some information about your home and electric bill. Reach out for an estimate to get started.

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Is My Home Good for Solar?

Our handy two-minute quiz asks a series of questions to help you determine whether your home is a good fit for solar. Everyone’s situation is different, and we appreciate the opportunity to learn about your unique interest in solar!

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Go Solar with StraightUp Solar

It’s important to research all available solar financing options and get quotes to compare interest rates and fees. Taking out a solar loan can give you the best savings in the long term and you can take advantage of solar incentives and rebates. What you choose to value the most is, of course, up to you! As always, the solar experts at StraightUp Solar can answer any questions you may have and provide you with all of the information you need to make an educated decision about going solar. Contact us today to get started!
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