Financing the cost of a solar system is often the primary concern of homeowners interested in going solar.
RxSun understands the importance of guiding homeowners through this step in the process, and your solar consultant helps make the process fast and easy. They will review the financing options to help you determine the one that works best for you, and connect you with the financial program you choose to apply for.
There are three ways to finance your solar system:
Your solar consultant will talk with you to gather the necessary information and will present your custom proposal containing an accurate solar panel installation quote within 2 business days.
As a courtesy to our customers, we are also able to provide an approximate estimate for going solar via same day phone consultation. However, because these are not able to be fully researched, they are for information and planning purposes only.
Detailed solar system quotes include factors such as:
Review the differences in benefits and savings between financing options.
compare financingGet an instant savings estimate for your home with our Solar Savings Calculator.
discover savingsContact us today to schedule your free, no obligation in-home solar assessment.
start savingInvesting in solar panels is a wise step towards a more sustainable lifestyle. The cost of solar panels will vary based on the type of solar panels you select (either monocrystalline, polycrystalline, or thin-film), the number of panels you’ll require, the size of your home, and the amount of power you use. Solar panels can range between $15,000 and $25,000 for a residential setup. Remember, this investment reduces your carbon footprint and significantly decreases energy bills!
Solar panel financing can be achieved through various means, the most common being solar loans. These loans typically range from 5 to 20 years, with some extending up to 25 years. This flexibility allows homeowners to choose a plan that best fits their budget. Additionally, solar loans often accommodate the 26% federal solar tax credit. It’s also worth noting that while financing incurs additional costs over time, the savings from reduced energy bills can offset this.
Solar panel financing offers several benefits. It allows homeowners to install a solar system without incurring upfront costs, spreading the expense over a longer period. This can result in immediate savings on electricity bills. Financing also enables homeowners to take advantage of tax credits and incentives. Moreover, it increases home value and contributes to environmental sustainability by reducing reliance on fossil fuels.
The savings from solar panels can vary greatly based on location, energy usage, and system size. On average, homeowners save between $10,000 and $30,000 over 20 years. However, these savings could be significantly higher in areas with high electricity rates.
The Solar Tax Credit, or Federal Investment Tax Credit (ITC), is a significant incentive for solar energy. It allows homeowners and businesses to deduct 30% of the solar energy system’s cost from their federal taxes. This credit makes solar power more affordable and accessible to many people.Eligible homeowners wil receive a rebate for 30% of the total cost of the residential solar system if they have an equal or higher tax liability.
The Illinois Shines incentive is a performance based renewable energy credit that the state will pay per kWh that your system is designed to produce. Homeowners will receive this incentive within the first year that the solar system is installed. It typically covers 30-35% of the total solar system cost.
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