3 Reasons Why a Solar Roof is Affordable in Minnesota
If you’re in the market for a new roof, chances are that you’ve encountered solar panels and shingles in your research. And you may have found the cost somewhat intimidating. Of course, no roof project is without some pocketbook concerns. Solar, of course, follows suit. Luckily, there are lots of programs that are advocating for you to invest in solar power and may be able to help you make solar power a reality for your home.
The biggest perk comes from governmental incentives. Renewable energy is good for the economy. As such, both the federal and state governments have offers to make affording a solar array easier. In Minnesota, all sales tax is waived on solar installation cost. Federally, the Solar Incentive Tax Credit allows a 30% deduction of solar installation cost. The ITC is currently scheduled to drop to 26% in 2020, so installation sooner rather than later may be in your best interest.
Financing options are also available for homeowners looking to go solar. The Minnesota Center for Energy and Environment (MNCEE) offers low interest loans for homeowners looking to increase their energy efficiency with solar technology. They offer loans up to $50,000 with no maximum income level and terms up to 10 years. Their financing program was designed with a goal of bridging any financial gaps in solar installation to get homeowners to a cash positive investment. Their website provides details on this offer for those interested. There are also incentive and rebate programs through many cities in Minnesota. Check with your city to see if they provide any incentives before you begin installation on your solar roof.
Once your solar array is installed, there are economic benefits as well. Of course your energy bill will come down now that your system is absorbing solar energy. On average solar customers see their monthly energy bills cut in half. In addition, Xcel Energy offers an incentive. They will credit you for any excess energy you’re producing at an increased rate through a process called net metering. Net metered homes’ electricity meter will run backwards as the sun shines any excess energy into their array.
These financial programs are designed to give you confidence in your solar system while not having you worry about the price tag. Contact us at firstname.lastname@example.org for further information.