Gerry Smith
Chicago site shines light on solar power -- Click for Full Story
A few years ago, Jim Camasto thought about investing $20,000 in the stock market.
But instead, Camasto, 43, of Naperville, spent that money on a safer, "greener" investment -- solar power.
Camasto has installed a solar thermal and solar electricity system on his roof, which helps heat and power his home.
His gas use has dropped more than 50 percent, and his electricity use has dropped about 70 percent. He sells extra power back to the electricity grid and sells renewable energy credits, which investors buy and trade to support renewable energy projects.
His return on his investment is about 3 or 4 percent a year.
"Some people say that's a slow return," he said. "But I'm willing to bet utility costs are not going down in the next 10 or 15 years. There's very little risk. I'm glad I made the investment."
Panels at the SunPower solar plant in Chicago's West Pullman neighborhood.
(Tribune / José M. Osorio)
Although the price of solar panels is falling, the upfront costs of installing a solar power system can still be daunting. However, there are incentives designed to help finance renewable-energy projects.
Illinois offers 30 percent rebates on the total cost of installing solar or wind systems to homeowners and businesses, and 50 percent rebates for governmental and nonprofits, with a maximum of $50,000, said Marcelyn Love, a spokeswoman for the Illinois Department of Commerce and Economic Opportunity.
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