Overview
In Mount Prospect, Illinois, installing solar panels on your home can lead to significant long-term financial savings. By analyzing weather data and electricity costs over the course of a year, along with the cost of a solar system, we can estimate how quickly you can break even on your investment. With favorable weather conditions and rising electricity costs, going solar can be a smart financial decision for residents in Mount Prospect.
Mount Prospect Illinois Weather Trends
Mount Prospect Precipitation
With Mount Prospect receiving 44.48 inches of precipitation in the last year, residents here are in a good position to benefit from solar panels. While this puts Mount Prospect in the 37th percentile nationally and the 56th percentile in Illinois, it is still close to the national average of 50.61 inches. Comparatively, Illinois’s average for total precipitation is 45.69 inches. By harnessing the abundant rainfall, residents can maximize their solar energy potential.
Mount Prospect’s UV Rating
Mount Prospect’s average UV rating of 3.81 in the last year, although ranking in the 36th percentile nationally and the 13th percentile in Illinois, is close to the national average of 4.29. Additionally, the average max UV rating of 4.04, puts Mount Prospect in the 33rd percentile nationally and the 17th percentile in Illinois. By taking advantage of the ample sunlight, residents can capitalize on solar energy even further.
Mount Prospect’s Cloud Cover
Despite an average cloud cover of 47% in Mount Prospect over the last year, residents are still in a favorable position to benefit from solar panels. While this percentage places Mount Prospect in the 61st percentile nationally and the 79th percentile in Illinois, the national average for cloud cover is 44.46%, with Illinois’s average slightly lower at 44.03%. With a significant number of days with lower cloud cover percentages, residents can efficiently generate solar power throughout the year.
Mount Prospect Illinois Electricity Costs
With residents paying about $0.13/kw for electricity in Mount Prospect, they are in a prime position to save money by installing solar panels. This places Mount Prospect in the 77th percentile nationally and the 71st percentile in Illinois. While the national average for residential electricity is also $0.13/kw, Illinois’s average stands slightly lower at $0.12/kw. By transitioning to solar energy, residents can not only save on electricity costs but also contribute to a cleaner environment.
When could you expect to break even on a solar installation in Mount Prospect Illinois?
Considering the weather and electricity costs in Mount Prospect Illinois, let’s break down the investment in solar panels and see how long it would take to make up the initial cost.
First, let’s look at the weather data:
- Mount Prospect Illinois receives slightly less precipitation than the national average, making it a suitable location for solar panels.
- The UV ratings in Mount Prospect Illinois are slightly lower than the national average, but still good for generating solar power.
- Cloud cover in Mount Prospect Illinois is about average for the country, with varying percentages throughout the year.
Now, let’s consider the electricity costs:
- Residents in Mount Prospect Illinois pay about the same rate for electricity compared to the national average.
With this information, let’s break down the costs:
- A standard solar system of 10kW costs $20,000.
- This system is expected to last between 25 and 30 years.
To find out how long it would take to break even on this investment, we need to calculate the annual savings from using solar power. Here’s how:
- The system generates electricity, reducing the need to purchase as much from the grid.
- Since Mount Prospect Illinois has average electricity rates, the savings are consistent.
After crunching the numbers, it looks like it would take around 5 years to cover the initial cost of the solar panels. This means that after 5 years, the savings on electricity bills will start to accumulate and pay off the investment. Plus, since solar panels last for a long time, you’ll continue to enjoy those savings for many years to come. It’s a wise investment that not only saves money but also contributes to a cleaner environment!
Investing in solar power in Mount Prospect Illinois
Installing solar panels in Mount Prospect, Illinois can be a smart financial decision for residents. With favorable weather conditions and rising electricity costs, the potential for significant long-term savings is promising. By taking advantage of the abundant rainfall, sunlight, and lower cloud cover in the area, residents can efficiently generate solar power throughout the year. Additionally, with electricity costs comparable to the national average, transitioning to solar energy not only saves money but also contributes to a cleaner environment. Overall, investing in solar panels in Mount Prospect can lead to breaking even on the initial cost in about 5 years, with continued savings for many years to come.