If you’ve thought about purchasing a solar thermal system for your small business, now might be the time to act.
Minnesota’s Office of Energy Security recently announced that it will provide up to $500,000 in rebates to small businesses and homeowners that purchase solar thermal systems. Businesses can apply for rebates of up to 25% the cost of installing a solar thermal system, with a $25,000 cap. (Homeowners are also eligible for a rebate of up to 25%, but with a cap of $2,000.)
Rebates are available on a first-come, first-serve basis and will run out once the $500,000 is tapped. Businesses must have 20 or fewer full-time employees to qualify. Rebate forms and more information are available here.
Solar thermal systems – unlike the solar photovoltaic panels used to produce electricity – use solar energy to create heat. Uses include heating water, space heating, industrial process heating and heating swimming pools. Solar thermal systems are typically used to supplement other heating mechanisms – not replace them altogether.
According to a primer on solar energy from the Office of Energy Security, residential solar thermal systems that heat water typically cost $10,000 to $12,000 in Minnesota, while water- and space-heating systems cost $20,000 to $25,000. The cost for business solar thermal systems varies widely depending on the size and needs of the businesses.
The new rebates can also be combined with other incentives to help defray the costs. Federal rebates of up to 30% the cost of purchasing solar thermal systems are available to businesses through 2016. Twin Cities-based businesses may also qualify for an extra incentive from the Minnesota Renewable Energy Society.
Have questions about solar thermal systems or incentives available to you? Contact Energy Smart at (651) 292-4652.
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