Chicago is a midwestern city and has a great solar potential. Chicago has less sunny days but it still has SunNumber score above 90 on the real estate website Zillow. Now the next question which arise is how much it will typically cost to install solar in Chicago?
Solar panel cost in Chicago
As per the surveys, it typically cost $2.47/watt to install solar in Chicago.
Lets take the calculation for a 8KW residential solar installation. Solar cost installation will cost $19,760 before federal ITC credit and $13,832 after ITC credit is applied.
Of course, the exact costs will depend on the size of the system you install, which installer you choose, and any other features (such as batteries or mounts) you may need, but the above data will give you a good baseline to work from.
Rebates and Incentives offered in Chicago
Chicago offers three primary incentives for solar installation.
- Net metering– Illinois utility companies will buy back excess solar energy you produce when connected to their grid
- Illinois Shines Adjustable Block program – You can get paid a cash incentive based on the expected energy production of your solar panel
- Chicago residents qualify for the 30% federal tax credit, also called the ITC
What is the solar payback period in Chicago?
This is the most important question which is there in many customer minds -” What is the average payback period after the solar installation?
The average payback period for solar systems in the U.S. is six to eight years.
