METIS Development Group is a multifamily real estate owner/developer in Minneapolis, Minnesota. As a previous Cedar Creek Energy client, MDG knows all too well the impressive ROI of a solar energy system. The financial benefits made solar the obvious choice for the firm when it decided to transition several of its multifamily properties, located in Mankato, Maplewood, Forest Lake, and Coon Rapids, to a more sustainable energy source.
Cedar Creek Energy analyzed each of the four multifamily buildings where solar would be installed to engineer highly effective solar arrays. We determined the ideal placement of the solar panels to take advantage of sunny daylight hours. Our team then installed Jinko solar panels and SolarEdge technology to create an optimal system that would provide a quick return on investment and drastically decrease power bills.
The Final Result
Cedar Creek Energy assisted MDG in finding several tax credits and rebates for this project. The firm is utilizing the Xcel Energy Solar Rewards program to save on energy costs for the first ten years of the system. It is also receiving PV Demand Credits to the tune of $10,000 per year for five years. In total, the firm can expect $46,000 in savings per year, along with energy savings of 537,000 kWH per year.
The Federal Investment Tax Credit will also provide MDG with a tax credit for 26% of the cost of their new solar arrays. With only minimal solar panel maintenance, MDG can expect a quick payoff between four and six years and long-term returns. The 25-year profit prediction for this project is over $1.1 million.