Is solar worth it in retirement?

Compare payback with how long you expect to stay. For a $150 monthly bill, we estimate an unshaded Chicago-area system pays for itself in about 6.1 years after the ComEd rebate and Illinois Shines, and EnergySage put its average customer's payback at about 10.5 years in 2025. If you plan to stay well past that, solar locks in part of your electricity cost on a fixed income.

The end of the federal homeowner tax credit after 2025 matters less if you owe little income tax anyway. The ComEd or Ameren rebate and Illinois Shines are payments, not tax credits, so they work the same at any income. Get in writing how much of the Illinois Shines value lowers your price. See Illinois solar incentives.

• Cash gives the biggest lifetime savings and no payment to carry on a fixed income.
• A home equity line usually has a variable rate, and the home is the collateral, so a missed payment puts the house at risk.
• A solar loan can come with a payment that jumps around month 19 if it assumes a prepayment. See solar loans and dealer fees.
• A lease or PPA needs no cash, and leasing companies can still claim a federal business credit, but NPR has reported lease risks including effects on home value and service delays after bankruptcies. See solar lease vs. buy.

Illinois law lets you file for an alternate valuation of a home with solar: the assessor values the home as if it had a conventional system and with the solar system, and applies the lesser of the two. You claim it with your county assessment office on form PTAX-330. See Illinois solar property tax.

In Cook County, the Senior Assessment Freeze has to be filed every year, and its income limit is rising from $65,000 under recent state law. Ask your assessor's office how a home improvement interacts with the freeze before you install.

An owned system stays with the house. A solar loan doesn't disappear: the estate is responsible for paying off the rest, and a lender's fixture filing usually has to be paid off and released before a sale closes. A lease usually transfers with the home, which may require the buyer to pass a credit check, or the estate can buy it out. See selling a home with solar and buying a house with solar.

Yes, as part of a plan. The Commonwealth Fund says at least 2.9 million Medicare beneficiaries rely on electricity for home medical equipment, and ComEd restores hospitals and police and fire stations first after storms. A home battery can keep a refrigerator, sump pump, furnace and medical devices running, and ComEd and Ameren pay about $300 per kWh toward one. Talk with your doctor about your device's needs. See whole-home battery backup.

Illinois gives buyers 65 and older 15 business days to cancel a home repair or remodeling contract signed after an uninvited sales visit, versus 3 business days for others; the federal Cooling-Off Rule also covers most sales made at home. Check with the seller or the Attorney General's office how these apply to your solar contract. The FTC warns that "free" solar offers are a scam and to stop if a rep wants you to sign on a tablet without showing the full agreement.

Illinois Shines vendors must give you a signed standard disclosure form before you commit. AARP's Fraud Watch helpline is 877-908-3360. See how to spot solar scams.