The City of Saint Louis Park is continuing to run its solar bonus cost share for 2024. Continue reading to find out what that means for residents and how you can participate in these savings.
In an effort to promote energy efficiency and lower the city’s carbon footprint, the City of Saint Louis Park offers the Climate Champions cost share program. The program rewards residential and commercial properties that install energy efficient improvements with rebates that cover some of the costs associated with completing the project(s).
There are a few prerequisites that must happen before you are eligible to receive your cost share bonus. Residents must first get a free or low cost energy assessment for the home, multifamily property, business, or organization. Then you can apply for the Climate Champions cost share where you will indicate you are interested in the solar bonus. You then must complete an energy efficiency project, these projects qualify for their own cost share amount as well.
The amount you receive from the cost share is determined by the increase in the property’s energy efficiency, which is based on the increase of your Home’s Energy Score that was given via the home energy assessment. For residential properties, an increase of 5-15 points in your Home Energy Score results in a ten percent solar cost share. An increase greater than 15 points results in a 15 percent solar cost share. The 15 percent solar cost share can also be obtained if the Home Energy Score increases by 5-10 points and the residential property meets the Climate Champions environmental justice criteria.
Homes that receive a Home Energy Score of 95+ receive a five percent solar cost share. Homes that install a cold climate air source heat pump or a heat pump water heater through the city’s Climate Champions for Homes program will receive a ten percent solar cost share. A solar expert can help you determine how much you can qualify for.
Businesses, multifamily properties and organizations can receive a ten percent solar cost share for projects that result in a 5-15 percent greenhouse gas reduction of the property. Energy efficiency projects that result in above a 15 percent reduction or are located within census tracts 223.02, 227 or 230, qualify for a 15 percent solar cost share.
While there are various requirements needed to apply and qualify for the Climate Champions program, our team is well-versed in the program and can help you through the application process.
In addition to Saint Louis Park’s cost share bonus, residential properties also have other incentives and rebates available that can be used to save even more money on your solar installation. Xcel Energy offers the Solar*Rewards program which provides recipients with a performance-based incentive of at least $0.03/kWh annually over ten years for residential properties. Meeting certain criteria could qualify you for more. There is also the 30 percent federal tax credit that is available to all United States property owners.
Both the cost share and the Solar*Rewards program have limited funding, that could run out before the end of the year. There is no guarantee that any of these programs will continue in coming years. That means right now is the BEST time to make the switch to solar energy, so you can enjoy the benefits of the sun for as long as possible.
Commercial properties can participate in the federal tax credit, getting up to a 50 percent tax credit for meeting additional standards. Property Assessed Clean Energy (PACE) provides financing options for businesses making energy-efficient and renewable energy improvements for their property.
The process and qualifications of the Saint Louis Park Climate Champions program can seem confusing and overwhelming, luckily the experts at All Energy Solar are ready to help! We take pride in our proven process that provides our customers with a seamless transition to solar energy.
Want more information about solar? We have resources on residential and commercial properties as well as EV charging, battery backups and more!
