17 Best Solar Companies in Lakeville, MN (2023 Reviews)

The Cost and Benefits of Solar in Lakeville

Solar panels run off a free energy source — the sun — but to take advantage of this you must first pay to install your panels. Some key things that impact how much it will cost and how much you could save include:

• Energy consumption: Installing a solar system may be a high-cost option for homes that don't need a lot of energy each month.
• The make and model of solar panels you're planning on getting: Higher-efficiency panels are more expensive, so that will influence your budget for your solar project.
• Incentives: One thing that can make your solar project cost less 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 money on your power bills, which can lead to an average of $18,000 of savings over 20 years.
• Your household's power bills: Because of fairly high monthly energy bills in Lakeville, you could save about $1,400 a year with solar.

Although a solar panel system costs a sizable chunk of money upfront, it can save you thousands of dollars over time. The question of how much, though, depends on a number of factors, including the amount of daily direct sunlight available and incentives.

Solar Incentives in Lakeville

If you're thinking about switching to solar power, several government incentives and subsidies can immensely bring down your project costs and expedite the return on your investment. These incentives normally take the form of cash rebates, tax benefits and/or solar renewable energy credits. They can cut the cost you pay for installing solar panels by 30%, upwards of 50% depending on your location. Our article on solar incentives has more in-depth information on the incentives you can take advantage of in Lakeville.

Environmental Impact of Switching to Solar in Lakeville

A lot of people want to do what they can to help the environment, which in many cases is the prime reason for installing solar panels. You may be trying to figure out — how much does making the switch help the environment anyway? If your home consumes a lot of energy, you can impact the environment even more by switching to solar energy. In Lakeville, the average homeowner can lower their carbon footprint by 90 pounds a year after going solar. If you want to do your part for the environment, you'll no doubt understand that there are many good things about adopting solar energy other than just saving money on electricity. You can also help protect the environment, which some would argue is worth more.