Right now, Minneapolis residents have loan and grant options available to them, which is making solar more accessible. With most of these incentives being stackable, now is the best time to go solar in the city.
The Center for Energy and Environment (CEE) has been offering financing options for residents across Minnesota for years now. While many cities in the state have great offerings from CEE, Minneapolis has taken the cake with exceptional options.
CEE is offering loans up to $20,000 with a 0% APR interest rate for Minneapolis residents. No down payment is required, but funds are limited for the program, so to ensure you get accepted, you will need to act soon. With this loan, you also receive a grant from CEE. All Minneapolis households are eligible for a grant that covers ten percent of the project costs, up to $3,000. Some residents could qualify for even larger grants. To participate in this program, a Home Energy Squad visit must be completed within the last three years.
Minneapolis households with an income between 80-150 percent average median income qualify for a grant that is 30 percent of eligible project costs, up to $6,000. If a household is located in a Green Zone or has a household income of less than 80 percent of the average median income, they can receive a grant of 70 percent of the eligible project costs, up to $14,000.
Residents can also earn funds through the Minneapolis Green Cost Share program. Rates range from $0.20/kWh to $0.40/kWh, depending on property location and income levels. The total payout is based on the estimated annual kilowatt hours (kWh) of production for the solar array. All Energy Solar’s specialists can help you determine this calculation.
Minneapolis Residents who are also Xcel Energy customers can participate in the utility company’s Solar*Rewards program. This provides accepted applicants with a performance-based rebate of at least $0.03/kWh for their solar array for 10 years. Those who meet income-qualifying criteria can earn an additional upfront incentive of $2.75/W.
All of these incentives have a set amount of funding for the 2024 year and there is no guarantee on what funding will look like in coming years or if these programs will continue at all. You can use the 30 percent federal tax credit in addition to any of the above incentives as well. While there is currently no funding limit on the federal tax credit, uncertain political circumstances could result in changes to this incentive.
All Energy Solar is ready to help you save as much as possible on your solar installation. Contact us to get your free solar quote and see how much you can save by going solar.
All Energy Solar is a turn-key solar installation company that wants to help you go solar. We have been installing solar in Minnesota since 2009 and know the ins and outs of the entire process. Our solar professionals have the knowledge and experience to reveal the programs accessible in your area and every other aspect of your project, from initial property and energy analysis through design, construction, and beyond.
