Solar financing
Going solar is a big investment, but it doesn’t have to break the bank.
Solar costs have been coming down in recent years, making it more affordable for homeowners to take advantage of the financial benefits of renewable energy. Still, it may cost $20,000 to $40,000 or more to install a residential solar system.
Customers have a range of options for financing their solar system, whether it’s by paying cash, taking out a loan or leveraging rebates and grants.
Each option has its pros and cons, but the team at Wolf Track Energy can help guide you to the solution that makes the most sense for your situation.
Wolf Track Energy has strong relationships with local lenders that can offer reasonable rates for solar installations.
Financing options
Cash
Get all the benefits of solar now and see savings on your electricity bill right away when you pay upfront. Enjoy decades of low, predictable electric bills.
Loan
We can help you find a lending partner that fits your needs. A range of financing options are at your disposal, like a home equity line of credit or third-party financing from your bank or credit union.
Incentives
Take advantage of the 30% federal solar tax credit for 2023.
Some power companies provide rebates to their solar customers. Minnesota Power customers could apply for the Minnesota Power SolarSense program.
Local financing options
REAP grants for farms and businesses
Farmers and small businesses across Minnesota are taking advantage of a revamped federal program that provides grants to cover up to half of their solar energy installation – and Wolf Track Energy can help you obtain funding.
The Rural Energy for America Program, or REAP, is administered by the U.S. Department of Agriculture. It provides grants and guaranteed loan financing for energy efficiency and renewable energy projects. The $1 billion program is aimed at boosting American energy independence by “increasing the private sector supply of renewable energy and decreasing the demand for energy through energy efficiency improvements.”
A successful grant application can result in tens of thousands of dollars off a solar energy installation, reducing the time it takes for the system to pay for itself. And after the panels are installed, the system owners enjoy reduced power bills by producing renewable energy onsite.
Our dedicated team can write successful grant applications that save you money on your solar installations. Contact us to learn more!
Service Area
Minnesota
- Duluth
- Two Harbors
- Silver Bay
- Grand Marais
- Ely
- Grand Rapids
- Hibbing
- Virginia
- Moose Lake
- Brainerd
- Bemidji
- Walker
- Alexandria
- Detroit Lakes
- Moorhead
- Fergus Falls
- Wadena
- East Grand Forks
Wisconsin
- Superior
- Ashland
- Bayfield
- Washburn
- Solon Springs
- Hayward
