Simple. Lifetime Solar. Pricing.
How much will my solar power system cost?
Solar Pricing Understood
Farms across the Midwest are enjoying tremendous savings by going solar. The cost of installing solar depends on the size of system needed to offset the farm’s monthly electric bills. Farms can receive the 30% federal tax credit and may depreciate the cost of the solar system over 5-years, with a 50% bonus depreciation year one. No longer do large electric bills have to be just a part of doing business. Since electricity from solar can be produced for about 1/3 to 1/4 the price of purchasing electricity from the electric company, farms typically install the maximum size allowable by the utility company to offset the greatest percentage of their electric bill.
Smaller farms will make an investment in solar ranging between $25,000 to $45,000 to eliminate 100% of their electrical usage. Larger farms like chicken and hog farm operations, that use more electricity and have higher electric bills will require a larger solar investment, but their savings are also greater. The typical return on investment (ROI) for a farm is between 3-6 years.
Solar Tax Credits
The U.S. federal government allows homeowners and businesses that install solar to claim a dollar-for-dollar credit off their income tax burden. The federal Investment Tax Credit (ITC) is based on the cost of the solar power system and equal to 30 percent of this amount for eligible properties. In certain situations, the costs associated with preparing the structure on which the solar will be placed can also qualify for the 30% tax credit, including repairs and replacements to the roof surface. Over 1.3 million homes in the U.S. now have solar because of the ITC.
Some states and electric utility companies provide additional credits, rebates or other incentives above and beyond the ITC. These further reduce the cost of your solar system and shorten your return on investment (ROI).
Our Lifetime Solar team will identify all tax credits, rebates and other incentives available that will allow our customers the fastest payback possible.
Solar Financing Options
Lifetime Solar has several dedicated lenders we work with on a daily basis. This means we do all the lending leg-work and there is no need for you to contact your personal bank unless you prefer to. Typically, our customers pay for their systems through a 100% loan that they secure through one of our lenders.
National Solar Incentives
USDA REAP Program
Investment Tax Credit (ITC)
State-Specific Incentives
Missouri — Empire Utility Credit
Iowa — State Tax Credit