Energy Rates are Rising
As a business owner, managing your utility budget can feel like a tedious and stressful process on top of your many other responsibilities. To make matters worse, Xcel Energy recently announced a 20% increase in electricity rates over the next three years.
Solar will Subsidize or Eliminate your Electric Bill
Converting to solar energy can ease some of your stress and help you save money, all while lessening your impact on the environment and contributing to a more sustainable future for your company and the community around it.
In an effort to incentivize more and more business owners to switch to solar, there is a wide variety of rebate and rewards programs available to you. However, to get the full benefit of savings on your utility bill for the coming year, you need to invest in solar now, as many of these programs have limited availability and fill up fast. By applying now, you are more likely to receive financial support for installation costs before rewards run out, as they did in April 2021.
Financial Incentives for your Business to Go Solar!
There are a number of financial incentives in place to support your decision to install a solar array including:
Federal Solar Investment Tax Credit
By going solar, your Minnesota business will see immediate savings. Not only will solar energy cut your costs (and increase your cash flow) throughout the year, but it will also help you pay less in taxes. The Federal Solar Investment Tax Credit allows business owners to claim 26% of the total solar purchase price on their federal corporate income taxes for the year the system was installed. This program is only available through 2022, so we encourage you to contact us today to get started.
Are you concerned about the cost of installing a solar energy system? The MinnPACE Program lets you finance the project costs through a voluntary special assessment of your property taxes. According to MinnPACE, “in most cases, the investment is cash positive because payments are delayed (based on property tax payment dates) and utility bill savings tend to outpace payment obligations.”
Xcel Energy Solar Rewards Program
Once again Xcel Energy is offering a pool of funding to offset your energy bill for the next 10 years. The 2022 program launches on January 1, 2022, and funding is on a “first come, first served” basis. Last year the fund was exhausted by April of 2021, so act now. Contact Cedar Creek Energy to get your solar project started and secure your Xcel Solar Rewards for 2022.
City of Minneapolis Green Business Solar Projects
If your business is in Minneapolis, Installing a solar system could also help you save money on your building lease with an option known as the Green Cost Share offering up to $75,000 of incentive-based funding.
Get Started Before These Programs Expire
Even with these and many other financing options available, as solar and other renewable options continue to trend upwards, funding and reimbursement programs will become limited. In addition, many of these programs run out of funding early, so make sure you act now to secure the best rates and deals.
The transition to solar will save your business money on your lease, taxes and utility bill. But don’t delay. The sooner you install, the more you will save. Learn more about solar savings with Cedar Creek Energy, a local Minnesota company that handles all aspects of your solar project – from design and engineering to project management and installation.