This is the latest post in our “FAQs About Solar” series. View other FAQs on our solar energy blog.
There are numerous incentives out there for commercial solar in Minnesota. Not only can you see a great return on investment, but you’re also sending a message to your employees and your customers that you’re committed to sustainability. And what business doesn’t want to cut their overhead while helping to save the planet?
Minnesota businesses, local governments, schools, and other organizations can see huge savings by switching from grid power to solar. If you’re considering commercial solar, this is a good place to start. Read on for answers to some of the most commonly asked questions about financing a commercial solar energy system.
How much can a solar energy system save me?
One of the biggest motivators we hear about from new commercial and residential solar clients is the money they can save on solar. A solar energy system can save the user thousands of dollars on their energy bill each year, and some commercial clients will save six figures over the lifetime of the system.
These commercial case studies illustrate just how much you can expect to save with the installation of a solar energy system. You can see that companies large and small will all reap the rewards of renewable energy within five or ten years of the panels’ installation – a great ROI considering many systems last 25 years or longer with routine maintenance!
Do you have financing available?
Cedar Creek Energy has long-standing, trustworthy relationships with a wide variety of solar lenders in Minnesota and throughout the nation. We’re happy to help you consider your options and choose the best financing for your situation. We’ll take a look at what you’re trying to accomplish and the ROI of your system, and then we connect with one of the green energy lenders.
Our team knows about a variety of financing programs on the city, county, state, and federal levels available right now for you – even the programs that are not advertised or listed seemingly anywhere. We’ll tell you exactly what’s available, so you won’t miss out.
What incentives/credits/rebates are available?
There is currently a federal rebate called the Federal Investment Tax Credit, which pays back 26% of your system’s cost to you in the form of a rebate on that year’s taxes. The ITC was originally established back in 2005 by the Energy Policy Act. It was set to expire in 2007, but Congress has decided to extend its expiration date several times due to its popularity. It will be available to new solar energy users until 2021. However, the percentage of the project you’re permitted to deduct has been decreasing since the end of last year. If you’re interested in completing a solar project in 2020 before the rebate percentage drops even further, we should get started right away.
There are also rebates at the state level, such as Minnesota Power’s Solar Sense Program. Some utility companies, such as Xcel Energy, may offer rebates for the use of solar energy, too. There are different options for commercial and residential projects; Cedar Creek Energy keeps track of both to ensure our commercial clients get the best incentives possible.
Cedar Creek Energy’s Commercial Solar Energy Installers
You’ll save money on your initial solar investment and optimize ROI just by working with a solar energy company that can help you find the best financing and rebate options. Cedar Creek Energy has completed hundreds of solar installations of all shapes and sizes, so we know how to make the most of each client’s budget and space. We offer comprehensive customized clean energy opportunities, from turnkey commercial solar energy systems to handpicked engineering, procurement, and construction services.
If you would like more information about how a commercial solar system will benefit your business, contact Cedar Creek Energy for a free energy audit.