FAQs About Solar: Investing in Your Own Renewable Energy

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FAQs About Solar: Investing in Your Own Renewable Energy - Cedar Creek Energy

This is the latest post in our “FAQs About Solar” series. View other FAQs on our solar energy blog. 

Many new commercial and residential solar clients cite the money they’ll save on solar as their biggest motivators to make the switch. A solar energy system can save the client thousands of dollars on their energy bill each year. Over the system’s lifespan, some commercial clients will save six figures.

These savings make solar energy a compelling prospect, but what about upfront costs? Financing and rebates make installing solar smart and affordable. There are several tax credits on the federal and state level that can decrease the initial cost of a system. The solar investment tax credit, at 26% in 2020 is a big one to note since it will decrease in the years ahead and expire after 2021. In addition to rebates, affordable financing allows you to pay off your system at a lower monthly cost than your current utility bills.

How much does it cost to install solar panels?

The price of a solar energy system does vary based on its size, where it’s installed, and the rebates you receive. A commercial system may have a higher upfront cost because it will generally be a more extensive system than one installed on a single-family home. However, we design all our systems for a quick ROI. You will be breaking even in no time, and eventually, you may be able to sell excess energy from your system for a profit through a process called net metering.

What is the payback/ROI?

The payback period of a solar energy system is the amount of time it’ll take to completely pay it off through savings on your electricity bill. This payback is calculated by taking the total cost to install the system, then subtracting solar incentives and monthly electric bill savings until the total cost has been paid off.

At Cedar Creek Energy, we design every solar energy power system to give optimal payback and a generous return rate on your investment. Solar energy systems have a quick payback between five and eight years, which means that your system could be completely paid off within a decade and make you a profit for years to come.

How long does a solar energy system last?

Most solar components come with a 25-year warranty, but that doesn’t mean your system won’t last longer. If one component needs to be repaired or replaced, our team can quickly take care of it to get your system back up and running. In fact, we monitor your system continually, making sure that it is always performing optimally. Our team will alert you if a repair is needed, and a team member will immediately take care of the issue. You’ll soon realize that you can rely on your system for years to come.

Getting Started with A Minnesota Solar Energy Company

For assistance with switching your home or business over to solar energy, contact Cedar Creek Energy. Our team of solar engineers, project managers, and installers will walk you through the entire process, from conducting an initial energy audit through the first time you power up your new solar array. We are proud to work with the most proven and reputable American manufacturers to ensure the highest quality materials and to support our country’s economy during the pandemic. Cedar Creek Energy can be reached at (763) 432-5261.

After you’ve seen the benefits of solar energy firsthand, Cedar Creek Energy is offering yet another financial incentive for clients to refer a friend: a $250 referral credit. Refer a new client to Cedar Creek Energy, and you’ll receive a $250 Visa gift card once their project has been completed. You and your friend will have long-lasting renewable energy you can rely on – and enjoy sharing your production monitor results.