If you’re a homeowner interested in installing solar panels, you’ll be pleased to learn that residential solar panels have a variety of benefits. In addition to the environmental benefits, solar energy offers huge financial savings for any homeowner who is ready to take the plunge and switch to an alternative energy solution. Does the promise of a cost-effective alternative energy source pique your interest? You’re not alone; many consumers would consider the financial benefits of solar their main reason for switching from traditional energy. From rebates and incentives to lower monthly energy bills, the opportunities for saving are endless.
Residential Financing and Rebate Programs
There are several rebates and tax credits available to residential solar energy users. First is the Federal Investment Tax Credit, which can help you recoup a great deal of your financial investment in a solar energy system. This essentially provides a tax rebate of 30% of the total cost you pay for a solar panel installation. If your costs come to $15,000, for example, you would receive a credit of 4,500 on that year’s taxes.
Another opportunity to save money through rebates is the Xcel Energy Solar Rewards program. Most of us in Minnesota are Xcel Energy customers, so this program is likely available to you. Xcel will provide a rebate of up to $5 per watt of solar power you install in your home. There are only a couple of requirements to participate in this program:
- Your home must be in Minnesota
- You must be a customer of Xcel Energy
- In exchange for receiving the rebate, you must enter into a 20-year contract with Xcel for all Renewable Energy Certificates (RECs) generated by the system
This program is a no-brainer for anyone looking to save money while installing their solar energy system! This program and many other financial incentives are offered by several organizations for homeowners who would like to minimize their expenses while installing a new solar energy system.
Energy Savings on Your Monthly Bills
Besides the initial savings offered by rebates and credits, the most compelling financial argument for switching to solar from traditional energy is the great ROI solar offers. They allow greater independence from rising energy costs, and you will see your monthly power bill plummet with the use of solar panels. In fact, on sunny days, your solar panels could be generating a surplus of energy that your power company will pay you for! One CCE client, the Wheelers, installed solar for their home in 2016 and saw their energy bills decrease to almost one tenth of their previous cost! With such a drastic reduction, it’s easy to see that solar is a great investment for homeowners.
If you’d like to learn more about the cost of installing residential solar panels on your home, contact us today. Cedar Creek Energy will meet with you at your residence to conduct an energy audit and offer recommendations for a solar energy system tailored to your family’s needs. With the information obtained through the audit, expert solar panel engineers can create the most cost-effective energy solutions for your home.