The economic implications of the pandemic have hit some industries hard, but the Minnesota solar energy industry is thriving! Here’s a look at some important solar industry trends from Minnesota and around the United States.
Solar Energy’s Sweeping Impact
In the last decade, solar has experienced an average annual growth rate of 49%. Thanks to generous tax credits, rapidly declining costs, and increasing demand across the private and public sector for clean electricity, there are now more than 81 gigawatts of solar capacity installed nationwide. This map shows that Minnesota is leading the charge for renewable solar energy in the Midwest.
Equipment Is At An All-Time Low
The cost to install solar has dropped by more than 70% since 2010, leading the industry to expand into new markets and install thousands of systems nationwide. Prices in Q1 2020 were at their lowest levels in history.
Tax Credits Keep Initial Costs Manageable
The solar Investment Tax Credit (ITC) is one of the most important federal initiatives to support the growth of solar energy in the U.S. It is a dollar-for-dollar reduction in the income taxes that a person or company would otherwise pay the federal government. The ITC is currently a 26% tax credit on both residential and commercial properties, but that percentage will be decreasing in the coming years. As a result, companies who would otherwise be hesitant to start a solar project will benefit from beginning the process in 2020.
Solar Industry Trends: Industry Leaders Are Choosing Solar
Many industry leaders with Minnesota offices are launching solar projects in 2020. Aveda enlisted Cedar Creek Energy to install a solar array at their Blaine headquarters facility, with nearly 3,000 ground mount modules producing nearly 1.3 million kWh of energy annually.
But large corporations aren’t the only ones switching to solar in 2020; Minnesota based businesses see the appeal, too. Brin Glass President Bill Sullivan, who hired Cedar Creek for three solar projects, cited solar energy’s cost-saving potential and environmental benefits as his primary motivations. Cedar Creek Energy has successfully completed over 500 projects of all shapes and sizes to date, many for commercial clients.
What About Safety?
During the new era of the COVID-19 pandemic, we want to let our clients, vendors, and employees know about the specific measures Cedar Creek Energy is taking to keep projects moving forward while maintaining the health and safety of everyone involved. We are committed to providing a safe and healthy work environment for clients, employees, and their families. Here is a summary of our commitment to you from our team.
Solar energy is thriving in Minnesota, and many companies are installing solar now to ensure their future economic stability as utility rates fluctuate. If you’ve been contemplating whether a solar energy system is right for your business, let’s connect to crunch some numbers. Cedar Creek’s solar energy professionals are always available to help. Contact Us.