How to Finance with Cedar Creek Energy: Part 1 of 2
Handling the financing of a major project like a solar installation can be overwhelming, to say the least. Thankfully, at CCE, we help finance your residential solar system, so you don’t have to worry.
We help our clients receive the maximum return on interest, financing rebates and tax advantages available, so your system can break even as quickly as possible.
At Cedar Creek Energy, we want to help you achieve the solar energy home of your dreams. That’s why we offer financing options to make your dream attainable:
- 0% down
- No interest and no payments for a full year
- Loans up to $100,000
- 3.99% for 15, 20 or 25-year terms
- Loan recalculated three times during the loan term to further lower payments
Switching to solar should be affordable and attainable. We can help make it that way! On top of our great financing options, we also have access to the numerous tax credits and discounts offered, and we’re happy to help you receive them.
The tax incentives, available rebates and discounts offered to solar home owners are a great way to help finance your solar system. From federal tax credits to lesser-known grants, we’re here to help you uncover all your financing options to give you the maximum payback possible.
Federal Solar Investment Tax Credit— This is one of the largest and more popular incentives for homeowners to switch to solar. It’s a federal income tax credit for Minnesotans with solar energy systems. When you install a solar array, you’ll receive a 26% tax credit on the total purchase price. So, if your solar investment was $50,000, you will receive a $13,000 one-time tax credit that will be deducted from any federal tax you owe at the end of the year the solar installation was completed. This is a steal of a deal and fills quickly!
Unfortunately the credit will drop to 22% in 2023, and will be phased on by the end of 2024 (unless it’s re-extended by Congress), so now is the time to act!
Xcel Energy Solar Rewards Program—If you’re going solar, this is a program you’ll definitely want to get on board with. This program is offered for residential solar installations for systems sizes that are 40 kW or less. If you’re an Xcel customer, this is a big deal! You’ll be paid .07 cents/kWh for every kilowatt-hour produced from your system for ten years. Picture this- instead of receiving a monthly electric bill from Xcel, you’ll receive a check. Pretty cool, huh?
Minnesota Power’s Solar Sense Program—This rebate program is specifically for residential solar installations up to 40 kW. With this rebate, you’ll receive an upfront rebate based on the production estimate of your solar PV installation. The payout is based on .94 cents/kW and is capped at $4,000.
Utility Programs—At Cedar Creek Energy, we’re known for helping our customers receive the maximum financing options available, and we’re proud of our knowledge of the over 200 different utilities that make up Minnesota’s utility grid. With us, you’ll have access to the resources that provide the best bonuses and rebates to fit your finances. Plus, we’ll happily complete all the paperwork and submit it for you to ensure the optimal savings.
Lesser-Known Grants—We’re in the business of saving our customers money, so we know where to find the grants and funding for projects of all shapes and sizes. Grant-awarding agencies will often have grants specific to your type of project, or available to specific counties and cities, but not advertised. We pride ourselves in our ability to uncover grants and make connections.
Work with us! We devote our time to ensuring every residential client receives the best financing and maximum rebates and incentives available on the market. At Cedar Creek Energy, we stay current on all federal, state and utility incentive program opportunities, and have a number of “green lenders” we can refer you to. Contact us today to learn how we can help you finance your residential solar system.