18 Best Solar Companies in Lafayette, IL (2023 Reviews)

The Cost and Benefits of Solar in Lafayette

For many people considering switching to solar, the decision of which solar company to choose depends on how much it'll cost. Some main factors that affect how much it will cost to install solar panels on your home and how much it could save you over time are:

• How much sunlight your roof gets: If your roof gets limited direct sunlight, your solar panels won't be able to produce as much energy, which will leave you with lower savings on power bills than someone with a roof that gets lots of sunlight.
• Choice of solar panels: The kind of solar panels you need will affect your total cost. High-efficiency monocrystalline panels are more expensive upfront but can also save you more money over the lifetime of your system. If space isn't a constraint for your project, you can opt for a higher number of more affordable panels.
• Incentives: Along with the federal Solar Investment Tax Credit (ITC), which lets you deduct 30% of your overall installation cost, your local government may offer additional tax exemptions, credits or rebates that will help you save even more. Excluding incentives, you can save an average of $16,000 over the first 20 years with your solar system, too.
• Electricity consumption: The average home in Lafayette uses a decent amount of, and as a result may save on their energy bills.

So is installing solar panels worth it? Whether you'd like to decrease your electricity costs, greenhouse gas emissions or both, solar panels are a solid investment for many Lafayette homeowners.

Solar Incentives in Lafayette

If you're considering making the switch to solar energy, several government incentives and subsidies can greatly reduce the cost of the project and speed up the return on your investment. When you install a solar panel system, you become eligible to claim the federal tax credit, or ITC. This credit currently lets you reduce your tax bill by 30% of the cost of your solar panels. In addition, there may often be some state and city incentives that you can benefit from to further cut back on the cost of solar of solar panels. Take a look at our article on solar incentives to find out what incentives you can take advantage of.

Environmental Impact of Switching to Solar in Lafayette

One of the most compelling reasons to use solar power is to minimize your reliance on traditional energy sources like burning fossil fuels, which are harmful for the environment. A question many might be thinking about is how much can they really help save the environment by switching to solar power anyway? For those who are concerned about global warming, switching to solar power is a straightforward choice, especially since Lafayette produces a very high amount of carbon dioxide emissions from its energy generation. Once you go solar, your carbon dioxide emissions can be cut by about 100 pounds each year. As you can see, using solar power has so many other benefits apart from saving money. One of the major ones is that you can help save the planet too.