It’s not just residential and business customers making the switch to solar. Minnesota, long known for its vibrant community of nonprofit organizations, is unsurprisingly also a great place to take your nonprofit solar. Here are a few things you’ll want to know before getting started.
A smart investment
For non-profits looking to be good stewards of their money, investing in solar is a great way to reduce your overall operating expenses and show your supporters you are committed to sound investments that maximize your financials for the long term.
Incentives and grants abound
- With the signing of the Inflation Reduction Act of 2022, the Investment Tax Credit (ITC) was expanded to benefit nonprofits as well. Nonprofits and other tax-exempt entities—like municipalities and Tribal governments—can now apply for direct pay reimbursement equal to the value of the tax credit.
- As with all solar installations in the state, nonprofits qualify for net metering. This program allows you to sell any excess energy your panels produce back to the grid, and there’s no sales tax on solar installations in the state so you can reap those savings.
- The Minnesota Department of Commerce offers the Solar Grant Program, which provides competitive grants to non-profit organizations and government entities for installing solar photovoltaic systems.
- Minnesota’s Property Assessed Clean Energy (MinnPACE) offers financing solutions for nonprofits, making it easier for you to make the switch to solar energy. This program offers up to 20-year financing with no upfront costs for your solar panel system. With MinnPACE you pay for your solar installation twice a year through a special tax assessment that folds the cost in with the property taxes, to simplify the payment process.
All of these could mean big savings on your solar panel installation, and long term savings on your organization’s energy bills.
By choosing solar, your nonprofit can strengthen your brand with stakeholders and help reinforce your mission. Making the switch to solar is a great way to further engage your community (for instance, by introducing an educational component to your solar installation) and show that you care about the stability and security of not only your organization, but the planet as well!
Contact All Energy Solar today to schedule a consultation and learn how we can help your nonprofit make the switch to clean, renewable energy.