16 Best Solar Companies in Park Ridge, IL (Aug 2022 Review)

The Cost and Benefits of Solar in Park Ridge

The cost of installing a solar panel system has dropped significantly in the past several years, but it's still a substantial investment for most homeowners. There are a few factors you should take into consideration when trying to determine how much it will cost and how much you can save, including:

• The model of solar panels you can buy: This is dependent on your income and budget.
• The cost of electricity in your area: If your local power rates are high, there's a better chance you'll get a higher return on your investment in solar panels. In Park Ridge, you can save an average of $75 a month on your electricity bills.
• Incentives: The federal solar investment tax credit currently lets you decrease your taxes by 26% of the project cost. Your state and even local utility companies may also have incentives and rebates that you can benefit from. Additionally, you can save about $13,000 over 20 years on your utility bills, not including incentives.
• Electricity consumption: The average home in Park Ridge uses a decent amount of, and so may save on their energy bills.

Due to solar panels now being cheaper than ever as well as various solar incentives, they are a cost-effective investment for most homeowners.

Solar Incentives in Park Ridge

To increase the number of homes and businesses that use solar power, federal, state and local governments — and even some utility companies — offer incentives to help make solar power more financially viable and accessible. When you install solar panels on your home, you can take advatage of the federal tax credit, or ITC. This credit currently reduces your tax bill by 26% of the cost of your solar panels. Plus, there may often be some local incentives that you can take advantage of to further cut back on the cost of solar of solar panels. You can find out about the incentives you can take advantage of in the table below.

Environmental Impact of Switching to Solar in Park Ridge

There are a few important reasons why many people want to invest in solar energy: to put more money in their bank account and to help the planet. You may be wondering — how much does making the switch help the planet anyway? Switching to solar energy for electricity instead of burning fossil fuels is an impactful way to reduce carbon dioxide emissions if you're concerned about Park Ridge's sizable level of greenhouse gas emissions. In Park Ridge, the average resident can lower their carbon footprint by 90 pounds a year once they go solar. If you want to do your part for the environment, you'll no doubt understand that there are many advantages to adopting solar energy other than just saving money on bills. You can also help preserve the environment, which some would argue is worth more.