In addition to solar being an economical and safe investment, residential property owners can benefit from installing solar thanks to:
Illinois Net Energy Metering
Illinois’ Net Energy Metering Law allows solar PV system owners to bank excess electricity back to the utility company at retail rates, for a credit to owners’ accounts. When a solar system generates more electricity than is consumed by the home, such as a sunny afternoon, the extra electricity is sent back the utility grid, and the utility company credits the system. Please contact Good Electric, Inc. to learn more about Net Metering.
Solar Power Homes Appraise Higher
A Chicago residential solar power system will increase your home’s property value immediately! According to the Appraisal Institute, for every $1 reduction in annual electric bills due to the installation of a residential solar power system, your home’s value will increase by about $20.
For example, if you spend $26,000 on a solar power system for your home from Good Electric, after a Illinois solar rebate and tax credits, this system may save you around $3,000 in first year energy expenses, which equates to an immediate increase of $60,000 in the resale value of your home. That is more than double your initial investment and immediate equity in your home!
Solar Power Homes Are More Marketable and Sell Faster!!
A residential solar powered home is easier to market and sells faster. According to the LA Times, there is a bright spot in the current slow residential real estate market: Residential Solar powered homes are outselling homes with traditional electrical systems. Developers recognize the marketability of Chicago residential solar powered homes and are increasingly including solar roof panels in new home design.
When it comes time to sell, you will have your significantly reduced or zero cost electric bills to show potential buyers. Homes with a residential solar power system have significant sales leverage over homes with traditional electrical systems for sale in your area because buyers love the idea of having lower monthly bills!