18 Best Solar Companies in Forest Lake, MN (Oct 2022 Review)

The Cost and Benefits of Solar in Forest Lake

While solar panels can help save you a decent chunk of change on power bills over time, it's necessary to know the upfront costs. There are a few factors you should consider when trying to determine the overall cost and how much you can save, such as:

• The kind of solar panels you want to get: Some are more highly priced, so that will influence your budget for your solar project.
• How much you spend on energy: The average family in Forest Lake spends around $1,500 a year on energy alone, so you could be looking at that much in savings.
• Typical energy usage: The more energy your home uses on average and the greater your current energy bills are, the more benefits you'll see from going solar.
• Incentives: Something that can make your solar project cost less is the solar investment tax credit (ITC), which is a tax credit that lets you deduct from your taxes a percentage of the project cost. You can also save a decent amount of money on your utility bills, which can lead to an average of $20,000 of savings over 20 years.

As a result of the cost of solar panels being lower than before as well as local and federal solar incentives, they are a worthwhile investment for most homeowners.

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 the table below.

Environmental Impact of Switching to Solar in Forest Lake

There are a few main reasons why people are interested in solar energy: to put more money in their bank account and to help the planet. But how much can installing solar panels actually help the environment? Regardless of your location, you can help save the planet by switching to solar energy, but homes that consume more energy will have an even greater impact. In Forest Lake, the average homeowner can reduce their carbon footprint by 90 pounds a year once they go solar. As you can see, going solar has so many other rewards besides saving money. One of the primary ones is that you can help save the environment too.