The MN legislature passed the 2013 MN Solar Jobs Act requiring all investor-owned utilities to get at least 1.5% of their electricity sales from solar energy. Therefore, there will be incentives available for 2014 installations. The incentives will take the form of an increased buyback rate for electricity produced by the solar energy system. The MN Public Utilities Commission and MN Department of Energy Resources are finalizing the buyback rate. Check back or contact us for the latest updates.
30% federal tax credit- Businesses and homeowners can receive a 30% federal tax credit on the cost of a solar system.
MACRS depreciation- Businesses can depreciate a system’s cost basis on an accelerated schedule over 5 years.
PACE Financing- Property-Assessed Clean Energy (PACE) financing allows commercial property owners to borrow money to pay for renewable energy improvements such as solar electric systems. The amount borrowed is repaid via a special property tax assessment over time, typically 10-20 years. Solar electric systems produce clean, reliable power that reduce utility bills, stabilize the grid, and promote home-grown renewable energy. The major components of the system have a 25-year warranty and IPS expects at least 30-40 years of useful life out of the systems. The result is reduced utility costs and increased profits for your business.
In November 2011, The Edina city council voted to adopt the first PACE program in Minnesota. IPS and its partners were successful in bringing PACE financing to Eagan in the summer of 2013. IPS is working with its partners and other city councils around the state to adopt PACE financing programs. If you are a commerical property owner and would like to bring PACE to your city, contact IPS today.