11 Best Solar Companies in Independence, MN (Jan 2023 Review)

The Cost and Benefits of Solar in Independence

The cost of installing solar panels has gone down greatly over the past several years, but it's still a large investment for most homeowners. There are several factors you should consider when determining the overall cost and how much you can save, such as:

• How much electricity your home consumes: Homes that use a lot of energy each month may need more solar panels and, as a result, be more expensive, but will also benefit more over time.
• The cost of electricity in your area: If your local electricity rates are quite high, there's a better chance you'll see a higher return on your investment in solar panels. In Independence, you can save an average of $111 a month on your electricity bills.
• The kind of solar panel system you can buy: This depends on your income and budget.
• Incentives: Something that can save you money on your solar project is the solar investment tax credit (ITC), which is a tax credit that's equal to a percentage of the project cost. You can also save a decent amount of money on your power bills, which can lead to an average of $18,000 of savings over 20 years.

Even though a solar panel system costs a decent chunk of money upfront, it can save you thousands of dollars over the lifespan of your panels. The question of how much, though, depends on several factors, including the size of your house and your local electricity rates.

Solar Incentives in Independence

Although installing solar panels is typically a $15,000 to $25,000 investment, it can save you a considerable amount of money in the long term due to smaller utility bills and government incentives. When you install solar panels, you become eligible to claim the federal tax credit, or ITC. This credit currently lowers your tax bill by 30% of the cost of your solar panels. Additionally, there are often some regional incentives that you can benefit from to further save. You can find out about the incentives available to you in our article on solar incentives

Environmental Impact of Switching to Solar in Independence

If you're thinking of adding solar panels to your home, one of the principal reasons why may be to lower your carbon dioxide emissions. You may be wondering — how much does going solar do for the environment anyway? If your home consumes lots of energy, you can impact the environment even more by switching to solar power. Because solar panels don't release carbon dioxide emissions into the atmosphere when generating electricity, they're a good trade for nonrenewable energy sources. In fact, you could expect to reduce your carbon dioxide emissions by about 90 pounds each year. Since energy from the sun is abundant and produces electricity without free from carbon dioxide emissions, making the switch to solar power is one easy step you can take to help the environment.