16 Best Solar Companies in Richfield, MN (Aug 2022 Review)

The Cost and Benefits of Solar in Richfield

When deciding on a solar company, most homeowners or business owners wonder about the costs above all. The overall price and potential savings vary depending on some important factors such as:

• Average daily sunlight: Since Richfield doesn't get a lot of average daily sunlight, your solar system may not be able to produce enough energy to power your whole home, which impacts how much your electricity bills will be.
• Choice of solar panels: The type of solar panels you are interested in getting will affect your total cost. High-efficiency monocrystalline panels will cost more upfront but can also save you more money over the lifetime of your system. If space isn't a constraint for your project, you can opt for a higher number of more affordable panels.
• Incentives: The federal solar investment tax credit currently lets you lower your taxes by 26% of the project cost. Your state may also have various incentives that you can benefit from. In addition, you can save about $19,000 over 20 years on your utility bills, not including incentives.
• average energy usage: The more electricity your household uses on average and the higher your current electricity bills are, the more likely you'll benefit from switching to solar.

Thanks to the cost of solar panels being lower than before as well as local and federal solar incentives, they are a cost-effective investment for most homeowners.

Solar Incentives in Richfield

In order to increase the number of homes and businesses that use solar power, federal and local governments — and even some utility companies — offer incentives to help make switching to solar power more economically viable and accessible. When you install a solar panel system on your house, you can take advatage of the federal tax credit, or ITC. This credit currently lets you lower your tax bill by 26% of the cost of your solar panels. In addition, there may often be some state and city incentives that you can benefit from to further cut back on the cost of solar of solar panels. In the table below, you can read about the incentives you qualify for near you.

Environmental Impact of Switching to Solar in Richfield

Lots of people want to do what they can for the planet, which often is the main motivation to install a solar system. But how much can installing solar panels actually help the environment? In a city like Richfield where energy use is rather high, switching to solar energy is a fantastic idea for people who are worried about the state of the planet. In fact, if you make the switch to solar power, you could lower your carbon dioxide emissions by about 90 pounds each year. Since solar power is abundant and makes electricity without releasing carbon emissions, installing solar panels is one easy step you can take to help the planet.