Calculate how much you can save on your ComEd bill with solar panels

Average 25 year solar savings for a ComEd customer: $34,235

Average solar panel cost: $20,827 - $25,456*

Estimate solar panel cost and savings based on your location, roof and power use.

*Solar panel cost varies by location, solar panel mqanufacturer, system size and the amount of electricity your home uses.

Adding solar panels and switching rate plans can lower your Commonwealth Edison (Com Ed) electric bill

Updated: October 22, 2020

There are three ways you can reduce your ComEd bill: changing your habits, switching your rate plan, and adding solar panels.

You've probably heard a lot about reducing energy consumption by doing things like switching to LED lightbulbs and adding insulation to your walls, but these fixes are relatively easy compared to the far more impactful step of making changes to your lifestyle.

The second thing you can do is switch your rate plan. ComEd offers time-of-use billing that can help you save money by shifting your usage of energy-intensive appliances to off-peak hours, and there may be other options for you as well.

Finally, you can reduce or even eliminate your electricity bill by installing solar panels on your home.

Solar panel cost calculator

How much can I reduce my Commonwealth Edison (Com Ed) bill by switching to a different rate plan

For some people, the savings from switching rate plans may only be a few dollars per month, but for many it can be $20-$100 per month. That's between $240 and $1,200 that you may now be paying to Commonwealth Edison (Com Ed) each year for no reason.

Finding out what's available to you is as simple as a phone call or email to Commonwealth Edison (Com Ed). Even a small savings can be worth it.

Are solar panels worth it for Commonwealth Edison (Com Ed) customers?

The answer is, absolutely. With the Illinois Shines block grant program, and Com Ed’s strong net metering policy, solar panels make a whole bunch of sense in Illinois, especially for Com Ed customers! Com Ed’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 Commonwealth Edison (Com Ed) offer full 1 for 1 net metering credits for exported solar power

Yes, Commonwealth Edison (Com Ed) offers 1 for 1 net metering. This means you are paid the same rate for excess solar energy that you export to the utility grid during the middle of the day as what you pay for power purchased from the grid.

In the case of Commonwealth Edison (Com Ed), Time of Use (TOU) pricing applies. You will earn an average of $0.16 for power exported at peak rate times, and an average of $0.12 for power exported at off-peak times.

What incentives, tax credits and rebates are available to ComEd customers for installing solar?

The major financial incentive currently available until the end of 2020 is the 26% federal solar tax credit. The way this works is that the full cost of the system needs to be paid to the installer, and this tax credit can then be claimed back as cash when you next do your taxes.

Many states, local governments and utilities also offer incentives for homeowners who go solar. This help can take the form of state tax credits, rebates, tax breaks, SRECs or even performance-based incentives. The best part is that all of these incentives apply in addition to the federal credit.

Here is every incentive you may be eligible for as a ComEd customer:

Table 1: Incentives
Upfront Incentives Value*
Residential Renewable Energy Tax Credit (Federal) -$8,131
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
Solar Renewable Energy Credits (SRECs) - Payments through the Illinois Shines Adjustable Block Program (State)

Homeowners can choose to retain the rights to their SRECs, but the financial benefits from signing a 15-year contract through the Illinois Shines program is far greater.

Varies
Adjustable Block Program (Illinois Shines) - Group B (Utility)

Same program as above, $70.05/REC. ComEd, Rural Electric Cooperatives and Municipal Utilities located in PJM. Approx. $872.66/kW installed for systems under 10 kW, with lower prices for systems up to 100 kW. Because of the nature of the program as an SREC payment and not a rebate, we had to push all the benefits to year 1 here, at approx. $1.0147587/kWh generated in the first year.

Varies
TOTAL -$8,131

*Based on 12.47 kW system, average installation cost $31,272

How much does installing solar panels save the average Commonwealth Edison (Com Ed) residential customer?

If you input the details for a ComEd customer with a power bill of $140 per month into the best online solar panels calculator, it tells you that you need a 12.47 kW solar system that will produce 14,627 kWh per year and that this system will return the owner a $34,235 profit after repaying the cost of the system.

The solar savings possible for you as a ComEd 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 ComEd customer with a $140 per month electric bill prior to solar and who installs a 12.47 kW solar system.

How much do residential solar panels cost for ComEd customers?

Solar prices near you

Cost range of local prices

$18,333-$22,407

Net profit (savings less system cost)

$33,454-$40,888

Payback period

9.6-11.8 years

Recommended size for the selected utility bill

10.3kW

Solar panel cost calculator

Detailed information about your estimate

Table 2: Estimate details

System Size (for 100% usage offset)

12.47 kW

Annual Power Generation

14,627 kWh

Pay-back time (assuming Cash purchase)

11.5 Years

Internal Rate of Return (IRR) on Investment

2.3%

Gross cost

$31,272

Total Upfront Incentives and Rebates

-$10,132

Net Cost of System after rebates and incentives

$21,146

Total Cost of Utility Power Avoided over 25 years

$55,381

Please note that the investment return figures do not include the possible increase in property value.

What are the environmental impacts of Commonwealth Edison (Com Ed) 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 a Commonwealth Edison (Com Ed) customer installing a 12.47 kW solar system on their property:

A solar system generating 14,627 kWh per year will save you money AND make the world a nicer place

Saves you

$1,369

on average per year

Reduces CO2 emissions

7.24

tons per year

Equivalent to planting

51 trees

per year

Equivalent to driving

16,017 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 Commonwealth Edison (Com Ed) 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 $2.51 per watt or $21,146 for a standard 12.47 kW solar system after the customer claims the 26% federal solar tax credit.

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