14 Best Solar Companies in Prior Lake, MN (Oct 2022 Review)

The Cost and Benefits of Solar in Prior Lake

Solar panels run off a free energy source — the sun — but to take advantage of this you must first pay to install your system. Some key factors that influence how much it will cost to install a solar panel system on your home and how much money you could save over time include:

• Your power bills: This will impact how much money you might save. In Prior Lake, the average homeowner can save about $1,300 a year on their electricity bills.
• Incentives: The federal solar investment tax credit, which everyone in the U.S. is eligible for, lets you deduct 30% of the cost of installing your solar panel system from your federal taxes. Plus, not including incentives, you can save about $18,000 over 20 years on your energy bills.
• System size and type: Some models are more pricy than others, so the one you decide on can raise or lower your initial investment. Plus, the more solar panels you need, the more it'll cost.
• Typical energy usage: The more power your household consumes on average and the steeper your current power bills are, the more money you could save by switching to solar.

There are lots of good benefits of solar in spite of the upfront cost of installation. It can help the environment and your finances. Plus, it can increase the value of your home, giving you even more benefits if you choose to sell your home later.

Solar Incentives in Prior Lake

If you're thinking about making the switch to solar energy, a variety of government incentives and state programs can greatly lower the cost of the project and expedite the return on your investment. In addition to the federal tax credit incentive, there are also some local programs, which in most cases, stack with the federal incentive, so you get to save even more. Check out the table below to see what incentives you can take advantage of.

Environmental Impact of Switching to Solar in Prior Lake

There are a few main reasons why people are interested in solar energy: for the good of their bank accounts and the planet. You may be wondering — how much does making the switch help the environment anyway? If your home consumes a lot of energy, you can help the environment even more by switching to solar energy. Because solar panels don't release CO2 emissions into the atmosphere when generating electricity, they're a good substitute for nonrenewable energy sources. In fact, you could be looking at reducing your carbon dioxide emissions by about 90 pounds each year. As you can see, trading traditional energy for solar has so many other rewards beyond saving money. One of the primary ones is that you can help save the Earth too.