The Minneapolis Green Cost Share is back again for another year.
Minneapolis’ Green Cost Share matches funding for solar energy projects to incentives citizens to focus on pollution reduction in the city. This program puts additional focus on making renewable energy more accessible for communities in the city that are disproportionately affected by climate change.
The program is aimed primarily at large properties such as multi-family housing, businesses, industrial, or non-profits. However, those enrolled in the city's 4d Affordable Housing Incentive Program and single-family homes making a group solar purchase can also qualify.
Green Cost Share funding will be $416,000 in 2023 but is proposed to be reduced to $155,000 in 2024. The city accepts around 300 projects a year, and once funding is allocated for the year the program is closed until the following year, making it crucial to get an early start.
Incentives are based on the predicted first year of production, with a base rate of $0.20 per kWh. Those who meet the requirements for the Environmental Justice rate, which includes being in a Minneapolis Green Zone, a Minneapolis Great Street Eligible Priority Area, or are an income-qualified resident, can receive $0.35 to $0.40 per kWh. Projects can receive a maximum incentive amount of $50,000 for their project.
All Energy Solar applies to this program every year to assist in providing more people with access to solar energy. In 2022, All Energy Solar got funding for 59 customers with the Minneapolis Green Cost Share program for a total of $89,108.20 of funding the year. Three of those projects qualified for the Environmental Justice rate.
Along with the Green Cost Share, there are new federal incentives that you can take advantage of. Earlier this year, President Biden passed the Inflation Reduction Act, which includes an increased tax credit, of 30 percent, for those who install solar panels and/or battery backups to their property. Combining federal and city-level incentives can lead to more savings on your solar system.
Are you curious to see if you could qualify for the Minneapolis Green Cost Share? Contact All Energy Solar to get a free site assessment and to assist you in your search for solar.
To learn more about Minnesota solar incentives, view our website to access helpful resources such as blog posts, infographics, videos, and more. And follow us on Twitter, Facebook, Instagram, and LinkedIn so you can stay updated about solar energy news in Minnesota.