14 Best Solar Companies in Mount Prospect, IL (Mar 2023 Review)

The Cost and Benefits of Solar in Mount Prospect

For the majority of homeowners, whether or not to invest in solar panels comes down to the cost. Some important things that impact the cost and possible savings include:

• Electricity consumption: The average home in Mount Prospect uses a decent amount of, and consequently may save on their energy bills.
• Incentives: Along with the federal Solar Investment Tax Credit (ITC), which lets you deduct 30% of your overall installation cost, your state or 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 $13,000 over the first 20 years with your solar panels, too.
• The amount of sunlight your home gets: Thanks to Mount Prospect's high amount of average daily sunlight, you should be able to save a decent amount on your energy bills.
• Choice of solar panels: The type of solar panels you choose will affect your total cost. High-efficiency monocrystalline panels will cost more 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.

Even though a solar panel system costs a decent chunk of money upfront, it can save you thousands of dollars in the long term. The question of how much, though, depends on a number of factors, like the amount of daily direct sunlight available and your local electricity rates.

Solar Incentives in Mount Prospect

In an effort to increase the adoption of solar power, incentives are offered by the government — and even some utility companies — to help make switching to solar power more economically viable and accessible. When you install solar panels on your house, you can take advatage of the federal tax credit, or ITC. This credit currently lets you lower your tax bill by 30% of the cost of your solar panels. In addition, there may often be some local 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 Mount Prospect

An important reason so many homeowners are considering installing solar panels is to help reduce their environmental impact. But how much can installing solar panels actually help the environment? A significant thing to think about is your overall carbon footprint. For example, if you have a long commute, your footprint may be greater, so adopting solar energy for your house can help offset that. In Mount Prospect, the average homeowner can lower their carbon footprint by 90 pounds a year once they go solar. Since energy from the sun is plentiful and produces electricity without free from carbon dioxide emissions, making the switch to solar power is one easy step you can take to help the environment.