Solar Power Annual Savings
A solar energy system can save you hundreds—or even thousands—of dollars every year, averaged over the life of the system. Power bills add up over time, and they are likely to increase as rates continue to rise. A solar power system helps you control the otherwise unpredictable cost of your power. When you average out the cost of a solar energy system, you will see that it can start to pay off in savings after only a few years.
SMART inverter rebates or Distributed Generation Rebates are another form of utility incentives that can be taken advantage of! This incentive is overseen by the Illinois Commerce Commission and is available to customers in the Ameren, and ComEd utility territories. This rebate is available for installing qualified renewable energy generating equipment on residential and commercial projects and its value can offer either $250 or $300 per kW of power on the DC side of your system depending on your utility service classification. For Residential and Small Commercial services, the rebate for inverters used to interconnect generators is $300/KW-DC, and for Large Commercial and Industrial Services, the rebate for inverters used to interconnect generators is $250/KW-DC. This rebate comes in the form of a one-time upfront payment and can be expected within 3-6 months after the system has been turned on.
Check out some examples of the estimated solar savings for a complete Halo Solar project!
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Brandt Agronomics Project in Gridley
Estimated annual utility bill after solar: $326 Estimated first year utility bill savings: $6,615 Total estimated savings over 30 years: $261,972 |
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O'Brien Genesis Project in Normal
Estimated annual utility bill after solar: $24,418 Estimated first year utility bill savings: $9,754 Total estimated savings over 30 years: $396,734 |
Your savings can increase, too—when you use tax credits and incentives to offset the initial cost of the system.