Adding solar panels and switching rate plans can lower your Ameren Illinois Company electric bill
Updated: October 22, 2020Installing solar panels can help reduce your Ameren bill, thanks to Florida’s sunshine and the company’s net metering program! Combined with the 30% solar tax credit, KUA customers can see great savings when they switch to solar!
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Solar panel cost calculator
Are solar panels worth it for Ameren Illinois Company customers?
Yes, absolutely. With the Illinois Shines block grant program, and Ameren’s strong net metering policy, solar panels make a whole bunch of sense in Illinois, especially for Ameren customers! Ameren’s net metering ensures you get credited on your power bill for the excess solar electricity your panels produce. Your credits roll over to the next month’s bill and are reset annually.
Does Ameren Illinois Company offer net metering credits for exported solar power?
Yes, Ameren Illinois Company offers net metering credits.
Under the Ameren Illinois Company net metering program, solar panels will first send energy to your home. Any excess solar energy is sent to the grid and purchased in the form of a bill credit. The credit value is determined by the Tri-Party Net Metering Power Purchase Agreement. KUA customers are billed for all of the electric energy delivered to them by the company.
What incentives, tax credits, and rebates are available to Ameren customers for installing solar?
The biggest financial incentive for solar homeowners is the 30% federal solar tax credit. The tax credit equals 30% of the solar installation costs and directly reduces your federal income tax liability.
Some states and local governments offer additional solar incentives. These incentives include state tax credits, rebates, or performance-based incentives like Solar Renewable Energy Credits (SRECs). The best part is that these local incentives can be used in addition to the federal tax credit!
Here is every incentive you may be eligible for as a Ameren customer:
Table 1: Incentives
| Upfront Incentives | Value* |
|---|---|
| Residential Clean Energy Tax Credit (Federal) | -$3,894 |
|
Special Assessment for Solar Energy Systems
(State)
100% of the system costs are exempt from property taxes. |
Varies |
|
Net Metering
(State)
Investor owned utilities are required to offer customers net metering through kWh credits on their bill. |
Varies |
|
Adjustable Block Program (Illinois Shines) - Group A
(Utility)
Customers get a cash payment from the Illinois Shines program based on the expected production of their system over 15 years, in exchange for selling all RECs during that period to the program administrator. Currently in Block 4, owners receive $75.21 per REC. Group A consists of customers of Ameren, MidAmerican, Mt. Carmel, rural electric cooperatives, municipal utilities located in MISO. |
-$14,000 |
| TOTAL | -$17,894 |
*Based on 11.57 kW system, average installation cost $26,981
How much does installing solar panels save the average Ameren Illinois Company residential customer?
If you input the details for a Ameren customer with a power bill of $150 per month into the best online solar panels calculator, it tells you that you need a 11.57 kW solar system that will produce 13,945 kWh per year and that this system will return the owner a $26,852 profit after repaying the cost of the system.
The solar savings possible for you as an Ameren customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical Ameren customer with a $150 per month electric bill prior to solar and who installs a 11.57 kW solar system.
How much do residential solar panels cost for Ameren customers?
Showing data for:
Prices based on a 11.7kW system, after 30% federal tax credit
Solar prices near you
Net profit (savings less system cost)
$27,067-$33,082
Payback period
11-13.4 years
Recommended size for the selected utility bill
11.7kW
Solar panel cost calculator
Detailed information about your estimate
Table 2: Estimate details
|
System Size (for 100% usage offset) 11.57 kW |
|
Annual Power Generation 13,945 kWh |
|
Pay-back time (assuming Cash purchase) 12.3 Years |
|
Internal Rate of Return (IRR) on Investment 1% |
|
Gross cost $26,981 |
|
Total Upfront Incentives and Rebates -$9,014 |
|
Net Cost of System after rebates and incentives $17,962 |
|
Total Cost of Utility Power Avoided over 25 years $44,814 |
Please note that the investment return figures do not include the possible increase in property value.
What are the environmental impacts of Ameren Illinois Company customers installing solar panels?
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from an Ameren Illinois Company customer installing a 11.57 kW solar system on their property:
A solar system generating 13,945 kWh per year will save you money AND make the world a nicer place
Saves you
$1,074
on average per year
Reduces CO2 emissions
6.9
tons per year
Equivalent to planting
48 trees
per year
Equivalent to driving
15,270 mi
less per year
CO2 emissions calculation based on the electricity generation and emissions data for your state in 2015 as published by the US Government Energy Information Administration.
What factors affect the price of solar panels for Ameren Illinois Company customers?
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.33 per watt or $17,962 for a standard 11.57 kW solar system after the customer claims the 30% federal solar tax credit.