You Cannot Afford NOT to Install Solar.
Now I understand that installing solar can be a expensive proposition, but there are so many tools on the market to make installing solar affordable with a small monthly payment. You know, like the small payment you will be paying the utility for your ever (a.k.a FOREVER), by not switching to solar.
Lets first dive into what your likely doing now, paying the utility. Whether your utility is a investor owned utility, or a municipal, COOP, or similar, your paying for a blend of electricity. That electricity is likely generated by a collage of sources like, coal, wind, hydro, nuclear, natural gas, diesel, solar, etc. Now some of that is a renewable source of electricity that mostly does not contribute to global warming emissions which we will get into in another blog post.
So first off, your utility is expensive. Rates are climbing fast, but don't take my word for it, the government so nicely tracks and provides that info https://www.eia.gov/electricity/state/minnesota/. These rates in Minnesota are going up anywhere from 2-10% a year, and they are likely not trending down. Here is the past few years and the project next few. This data is nationally.
Second, why did you decide to buy a home vs rent one, or strive to buy one?
1) Its an investment that you'll be able to recover some costs some day by selling, renting, etc.
When you buy your electricity from the utility, your killo-watt hours, you are ultimately renting your electricity, FOREVER.
2) You can have more IRS tax write offs. Interest on your mortgage and other home expenses are deductible. As of late, not as many as before.
With the Utility you cannot write off any of your personal use of electricity, so there is no tax benefit.
3) You lock in your monthly payments until paid off. Your electricity with the utility will constantly change price, almost never in your favor.
In Xcel Energy my electricity went up from 2005 at $0.07/kWh to now $0.14kWh with all the kWh charges.
4) You will someday not have a payment after paying your mortgage off.
With the utility, your stuck with them and whatever they will be charging you in 5, 10, 20 years.
Solar energy helps lock in your electricity prices and in most cases when the purchase is done at a cash sale, you start saving money within 5 years, making your capital outlay less than if you would have just kept buying all your electricity from the utility.
The solar industry has a term called Levelized Cost of Electricity or LCOE. The LCOE is determined by taking the costs of the solar array installation less any incentives you would have received, like the 30% Tax Credit, and any utility rebates, divided by 25 years. The period of time the solar panels are warrantied. If you only analyze the LCOE its an absolute no brainer decision. LCOE on residential solar projects in MN is around $0.01-0.02 kWh. Thats 10% of the cost of the utility today!
The industry also has been around long enough that the technology is proven and we know homes with solar, sell faster and for much more. But don't take just my word for it, here is an article Zillow™ put out showing homes sale price increase by 4.1% more with solar https://www.zillow.com/research/solar-panels-house-sell-more-23798/.
Lastly, financing your own solar panel system in Minnesota is pretty simple, there are the traditional ways of getting second mortgages to purchase your system, construction loan companies, and if your credit or loan to debt ratio prevents any of those from helping, we work with local government agencies that can assign a special loan attached to your property that gets paid back when you pay your property taxes.
So, now is the time to install solar! 2019 offers the last year of the full Federal Tax Credit of 30% and solar equipment is not getting much cheaper and installs are starting to increase in prices, after experiencing over a decade of reductions. To find out if solar is for you fill out a short form at www.mnsolarpanels.com/free-solar-analysis-1 and we can quickly identify your homes solar potential and help connect you with a lender if requested. Less expensive energy is here and now is the time!