SOLAR FACTOIDS!
What is Net Metering?
One of the many benefits for homeowners in installing a solar panel system at their home is net metering, which gives solar customers retail price credits on excess energy produced by their solar systems that is sent back to the grid. In essence, net metering works much like a solar battery would, as excess energy can be stored in the grid “bank” and be pulled back off of the grid for use in times when your solar system isn’t producing enough energy, or at night, when your solar system can’t produce any.
There are some power companies that don’t offer net metering at all, as these companies argue that solar customers are not paying their fair share of costs to maintain the grid, yet still have the access to it. Then there are other power companies and their interests that have sought or are seeking to reduce the value of solar with this premise in mind.
Federal Tax Credit
With this program, you get to invest your federal taxes into your own property instead of paying it to the government to never see again!
The investment tax credit (ITC), also known as the federal solar tax credit, allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes. Most of our clients save $14,000.00 or more because of the federal tax credit!
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Visit the energy.gov for more information.
Illinois' Adjustable Block Program
The Adjustable Block Program opened for applications on January 31, 2019. This program is also commonly referred to as SREC (Solar Renewable Energy Credits)
Program capacity for project applications has been filled. Distributed Generation and Community Solar project applications submitted to the Adjustable Block Program are now being added to waitlists for the applicable project category.
Subscriptions to Community Solar projects remain open.
The Adjustable Block Program is a state-administered solar incentive program developed and managed by the Illinois Power Agency and administered through its third-party Program Administrator, InClime.
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The status of Program capacity can be viewed on the Program Dashboard page.
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More information on the Adjustable Block Program can be found in the Illinois Power Agency’s Revised Long-Term Renewable Resources Procurement Plan. The chapters of the Revised Plan outlining the Adjustable Block Program are Chapters 6 and 7.
Q: How much does solar cost?
A typical residential system is financed for about the same monthly payment as you currently pay for electricity. The cash prices range anywhere from about $12,000 to well over $100k. Prices vary widely because of installation type, system options, and system size.
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Q: How long does it take to get a return on my investment?
Saving money on day one isn’t uncommon, but most GRID customer see savings in less than 3 years when financing a system. Also remember that there is ZERO return on your electric bill that you have to pay forever. When you buy solar from GRID, you’ll have a payoff date and can pay off the system as early as you like without penalties and it costs a whole lot less.
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Q: Speaking of financing, how does that work?
Financing solar with GRID is easy. Our lenders require a minimum credit score of 600. We have LOTS of terms options ranging from 12yrs@0% to 25yrs@1.98%.
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Q: How long do solar panels last?
Our solar panels and inverters have a 25yr manufacturer’s warranty and generally last much longer than that.
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Q: Do solar panels hold up to weather?
Solar panels withstand hail and wind better than asphalt shingles. Our systems are tough!
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Q: How does the tax credit work?
At the time of this writing (01/08/2022) the federal tax credit is 26% of the total cost of your solar project. This can include a new roof and/or stand-by batteries as long as they cost no more than 35% of the total solar project price. To qualify for the tax credit you must own your home, have solar installed, and pay federal income tax. Please see the IRS website for more current information. https://www.irs.gov/newsroom/energy-incentives-for-individuals-residential-property-updated-questions-and-answers
Q: Will the lender put a lien on my home?
The lien is not technically on your home, but the solar equipment with the lien is permanently installed on your property. This generally only matters when you sell your property, and even then, the new homeowner can get approved for the same loan or even roll it into their mortgage. The great thing about this is that every payment you make while owning the system, lowers the principle amount. So, while your neighbors’ electric bill goes up every year, yours stays the same. Which means a prospective buyer will pay way less in monthly bills compared to home without solar at all. That’s why homes with solar sell for around 4.1% more than homes without! Find more info here: https://www.zillow.com/research/solar-panels-house-sell-more-23798/
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Q: If solar increases my home value, that will increase my property taxes, right?
In most states, including ILLINOIS and Missouri, there is a property tax exemption for having solar installed on your home. Additionally, around half of all states have a sales tax exemption for solar products as well! Find more info here: https://www.dsireusa.org/