Now more than ever, property owners converting to solar energy are seeing savings, a quick return on their investment, reduction of their carbon footprint, and energy independence. For an average system with the many incentives - customers are saving over $7,000 on the installation of their solar energy system. Below we detail a few of the benefits, detail the incentives, and provide an example of an average system.
Benefits of Solar Energy
Monthly Bill Savings
Our Solar Consultants dive into your utility bill and design systems to offset the cost of your utility bill. On average GRNE customers are seeing 70 - 95% off of their monthly bills.
Return on Investment
Between the offset of your utility bill,, federal, state, and utility-based incentives customers are seeing over $5,000 of savings within the first year.
Offset Your Carbon Footprint
Each system installed makes a big impact on the environment and lessens your carbon footprint.
Available Solar Incentives
Solar and renewable energy incentives are available nationally, state-wide, and/or per utility company. Below is a list of the most popular incentives. Our solar consultants are experts in this area and will be sure to provide you further details about each incentive.
Investment Tax Credit
Established in 2005, the Federal Tax Credit or ITC allows you to deduct 26% of the cost of your solar energy system. The ITC reduces each year until it phases out completely in 2022.
When you are filing your taxes speak with your accountant about filling out Form 5695 to get your credit for installing renewable energy on your home or business property.
Renewable Energy Credit
The Illinois utility companies have been mandated to reflect a portfolio of 25% renewable energy by 2025. In order to reach this goal, utilities are leaning on residents to meet the demand.
For every megawatt-hour (MWh) your system produces you will receive one SREC. Most residential systems calculated based on an estimate over 15-years and paid out around 30% of the system cost up-front.
GRNE Solar brokers this relationship on your behalf to file your SRECs, communicate with the ABP, and get your payment to you within the first year of your system being installed.
Utilities around the Midwest provide additional incentives for solar and storage systems. Be sure to ask your GRNE Sales Consultant about which additional incentives are available in your state and city.
(Illinois & Indiana)
When your system produces more than what your home uses, the overproduction will be sent back to the utility grid to be used elsewhere. The amount sent back to the grid will be credited to your monthly bill at wholesale cost.
The Steps to Going Solar
During this meeting, we will share details about your system. We will also answer any questions you may have about your project and solar energy.
Our site surveyor will visit to take precise measurements to share with our design team to complete your system design.
We have established relationships with most communities. During permitting we will prepare the packet to submit and gain approval.
Once permitting is approved, we will get your installation scheduled. Most installations are 1-3 days, and we will show you around the system once finished.
SolarEdge Energy Hub
SolarEdge recently announced the upcoming release of its Energy Hub inverter. The Energy Hub is a jack-of-all-trades, ready to take on storage, EV's, and consumption monitoring.
Where the StorEdge allowed property owners to designate 50A, the EnergyHub can tackle whole home backup (up to 200 A). To read more about the announcement from SolarEdge, visit Solar Power World Magazine or view the EnergyHub datasheet. Check back here to see more details as to the release date.