18 Best Solar Companies in Forest Lake, MN (Feb 2023 Review)

The Cost and Benefits of Solar in Forest Lake

We get that for lots of homeowners, the choice to invest in solar rests on installation costs. A few key factors that influence the cost of installing solar panels on your home and how much money you could save over time include:

• Energy consumption: Installing solar panels may be too pricey an investment for households that don't need a lot of energy each month.
• The type of solar panels you're planning on getting: More high-tech panels have higher prices, so that will affect your budget for your solar project.
• Incentives: The federal solar investment tax credit currently allows you to lower your taxes by 30% of the project cost. Your state may also have various incentives that you can use. In addition, you can save about $20,000 over 20 years on your utility bills, before factoring in incentives.
• The cost of electricity in your area: If your local energy rates are especially high, there's a better chance you'll get a higher return on your investment in a solar system. In Forest Lake, you can save an average of $125 a month on your electricity bills.

Solar is a fruitful investment for most homeowners. You can generate your own energy instead of paying for it from a utility company and benefit from solar tax credits and rebates, all while helping protect the planet.

Solar Incentives in Forest Lake

Although solar power is typically a big investment, it can save you a lot of money over the lifespan of your solar panels due to lower power bills and government incentives. No matter what state you live in, you can take advantage of the federal Solar Investment Tax Credit (ITC), which will allow you to claim 30% of your project costs when you file taxes, lowering the amount of taxes you owe that year. Plus, there may be some local incentives you can benefit from too. For comprehensive information about incentives that apply to you, check out our our article on solar incentives.

Environmental Impact of Switching to Solar in Forest Lake

Installing solar panels can have a meaningful effect on the environment. You may be asking yourself — how much does going solar do for the environment anyway? How much energy you use is a key factor to consider. The more power your home uses, the bigger your impact when you make the switch to solar power. In fact, if you adopt solar power, you could lower your carbon dioxide emissions by about 90 pounds each year. For people who are concerned about the environment, the upfront cost of solar is a small price to pay for reducing your carbon footprint.