State- & Government-Issued Tax Incentives Make Getting Solar Panels an Appealing Choice for Discerning Homeowners in Naperville, IL & the Surrounding Areas
Harmony Builders Group installs solar panels for homeowners throughout Naperville and the surrounding areas. That’s why we’d like to explain the benefits to going solar right now. Illinois has a law the requires its utility companies to source 25 percent of their energy from renewable sources in the coming years. This law requires that a large portion of that energy come from solar power. As a result, these companies are required to make incentive payments to homeowners who invest in photovoltaic solar panels. These payments come in the form of SRECs (Solar Renewable Energy Credits) where one SREC equals one megawatt-hour of electricity generated by a solar panel system. For most residential systems, these companies must pay for 15 years of estimated SREC production in advance once a solar panel system is installed, meaning that they will essentially pay for a large portion of your solar panels. The price of SRECs is set to decline over time too, which means you should go solar now to maximize your return on investment.
Plus, homeowners can benefit from a solar tax credit from the federal government. The Internal Revenue Code provides a tax credit in addition to the solar incentive that will cover a large portion of your new solar panels. In fact, between SRECs and tax credits, you and other Illinois homeowners can expect to have up to 60 percent of the total cost of new solar panels paid for. As with the Illinois SREC prices, this federal tax incentive will decline over time, so the best way to save the most money on your solar panels is to invest right away. When you also factor in the additional benefits of going solar, the decision to make the switch has never been easier.
How Solar Panels Work
Solar panels are installed on your roof and absorb light from the sun, creating an electrical current that can be transferred into energy that can power the lights and appliances in your home. By switching to solar panels, you can reduce your monthly energy bills, as well as your carbon footprint. What’s more, you can take advantage of net metering, which is when you receive credits for sending any excess energy that your panels have absorbed to the power grid. At the end of the year, if you’ve generated more energy than you used, your electric company may pay you back for the extra power.
What Harmony Builders Group Can Offer
We offer three different types of photovoltaic panel systems, including a standard option, an upgraded system, and one that offers a high degree of customization. We’ll help you find the right system for your needs. And, all of these offerings come with warranties on both the panels and the labor, giving you peace of mind that your investment will be protected. We also have a quarterly cleaning service available to ensure your solar panels are operating efficiently all year long.
For more information on the solar panels we install for residents in Naperville, IL and the surrounding areas, contact Harmony Builders Group today.