Solar Financing Options in Illinois
Compare the best ways to finance a solar installation in Illinois. Based on average local electricity costs of 17.5¢/kWh and a typical monthly bill of $145, here is how each financing option stacks up over 25 years.
System Cost
$19,380
After Credits
$13,566
Federal Credit (30%)
$5,814
State Credit
N/A
Financing Calculator for Illinois
Net after credits: $13,566
| Method | Monthly Cost | Upfront Cost | 25-Year Total | 25-Year Savings | Own System |
|---|---|---|---|---|---|
Cash PurchaseBest Value | $0/mo | $13,566 | $17,316 | $47,031 | Yes |
Solar Loan | $101/mo | $0 | $25,025 | $35,573 | Yes |
Solar Lease | $116/mo | $0 | $50,090 | $12,854 | No |
Power Purchase Agreement | $125/mo | $0 | $37,512 | $25,433 | No |
Cash Purchase
Best ValueMonthly
$0
Upfront
$13,566
25-Year Total
$17,316
25-Year Savings
$47,031
Solar Loan
Monthly
$101
Upfront
$0
25-Year Total
$25,025
25-Year Savings
$35,573
Solar Lease
Monthly
$116
Upfront
$0
25-Year Total
$50,090
25-Year Savings
$12,854
Power Purchase Agreement
Monthly
$125
Upfront
$0
25-Year Total
$37,512
25-Year Savings
$25,433
Estimates based on average electricity costs in Illinois. Actual savings vary based on system size, energy usage, and local utility rates. Loan calculations assume fixed-rate financing. Consult a solar advisor for a personalized quote.
Understanding Your Financing Options in Illinois
Cash Purchase
Pay upfront after tax credits and own your system outright. This option delivers the highest long-term savings since there are no interest payments. Your net cost in Illinois is $13,566 after all credits.
Solar Loan
Finance your system with $0 down and own it from day one. Monthly loan payments are often lower than your current electricity bill. Typical loan terms in Illinois range from 10 to 25 years.
Solar Lease
Lease a system with no upfront cost and pay a fixed monthly amount that is typically 20% less than your current bill. The installer owns and maintains the system for the 25-year term.
Power Purchase Agreement (PPA)
Pay only for the energy your panels produce at a rate lower than the utility. No upfront cost and no maintenance responsibilities. A great option if you want guaranteed savings with zero commitment.
Best Value in Illinois: Cash Purchase
Based on average electricity costs, the cash purchase option offers the highest 25-year savings of $47,031 for homeowners in Illinois. Adjust the calculator above to see how different interest rates and loan terms change the comparison.
Related Solar Resources for Illinois
Get a Custom Financing Quote for Illinois
Our solar advisors can help you find the perfect financing option for your Illinois home. Compare real loan rates, lease terms, and PPA offers — all in one free consultation.
Get Your Free Quote