Adding solar panels and switching rate plans can lower your Ameren Illinois Company electric bill
Updated: October 22, 2020There are three ways you can reduce your Ameren 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. Ameren doesn't offer time-of-use billing that can help you save money by shifting your usage of energy-intensive appliances to off-peak hours, but there may be other options for you .
Finally, you can reduce or even eliminate your electricity bill by installing solar panels on your home.
On this page:
Solar panel cost calculator
How much can I reduce my Ameren Illinois Company 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 Ameren Illinois Company each year for no reason.
Finding out what's available to you is as simple as a phone call or email to Ameren Illinois Company. Even a small savings can be worth it.
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 full 1 for 1 net metering credits for exported solar power
Yes, Ameren Illinois Company 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 Ameren Illinois Company, this is approximately $0.1 per kWh.
What incentives, tax credits and rebates are available to Ameren customers for installing solar?
The major financial incentive currently available until the end of 2023 is the 30% 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 Ameren customer:
Table 1: Incentives
| Upfront Incentives | Value* |
|---|---|
| Residential Clean Energy Tax Credit (Federal) | -$8,094 |
|
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 $75.29 per REC. Group A consists of customers of Ameren, MidAmerican, Mt. Carmel, rural electric cooperatives, municipal utilities located in MISO. |
Varies |
| TOTAL | -$8,094 |
*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.