Did you know that more than 3% of homes in America are powered by solar energy? But what’s causing so many people to make the switch?
Several benefits come with converting over to solar. Minnesota is one state that has seen a massive shift in interest toward using this source of energy.
We’ll let you know what Minnesota solar incentives are in place so that you can see why it’s growing in popularity in 2022.
Sales Tax Savings
When living in Minnesota, you can benefit from not having to pay sales tax when having your solar power installed.
Sales tax within the state sits at around 7%. That means by choosing to go solar; you can save a lot of money.
Net Metering Cost Cuts
With it becoming more common, you may have come across several different solar power incentives in the Minnesota area. However, one that stands out is net metering.
All homes within the area meet the requirements to benefit from solar credits for adding solar energy back to the grid. This means you can take advantage of being able to power your home anytime while receiving these credits in return. Now, that’s a pretty good deal!
Solar Tax Credits
With solar tax credits, you can lower the cost of solar energy by up to 26%. The Investment Tax (ITC) option allows you to do this in line with federal credits that are available to those with solar-powered homes.
Just bear in mind that you can only benefit from these tax credits if you’ve bought your solar energy outright and have a certain amount of income. However, you might be pleased to hear that if you can’t afford to make the payment in full by cash, you can take out a loan to help you.
SolarSense
With the SolarSense rebate, you can take part and give yourself the chance of winning this lottery-type incentive.
If you get lucky, SolarSense can fund up to 60% of your installation costs if you qualify. So be sure to check out your system type, size, and the solar company you have come to install it to see you can see if you enter. Choosing the best solar provider in Minnesota you can find might help your chances here.
Performance-Based Minnesota Solar Incentives
Depending on how you use your energy, you might be entitled to incentives.
The Minnesota Renewable Development Fund offers performance-based benefits in some areas within the state. For example, Xcel Energy’s Solar*Rewards Program involves an annual payment being made to those within the service area if their system’s energy production meets the standards.
With Xcel’s scheme, those with solar-powered homes can receive up to $0.07 per kilowatt-hour (kWh) of solar energy produced. The incentive can last over ten years.
Learn More About How You Can Benefit From Solar Powered Energy
Here, we’ve shared with you some of the many Minnesota solar incentives that you can benefit from while living in the area.
If you want to find out more about why going solar in Minnesota might be a good idea, check out our other blog posts. We’ve several articles on the topic.
