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Solar vs. grid power: how much can you save?
Electricity rates are on the rise. The U.S Energy Information Administration (EIA) estimates that electricity prices in the U.S. rose 6.2% in 2023 alone.
Homeowners across the country are looking for ways to reduce their energy costs and many are turning to solar energy. But just how much can you save with solar and is it worth the investment?
Solar customers can often save tens of thousands of dollars over the lifespan of their solar system. To determine exactly how much you can save, you’ll have to do a little math.
Compare your current cost per kW from Otter Tail Power Co with the cost per kW of your solar system. Then calculate your monthly or yearly expenses across a 25-year period. Finally, subtract your total cost of energy with solar from your total of energy from the grid to determine your savings
A simpler way to estimate your savings potential is to compare your current monthly energy costs with your projected solar payments. If your energy costs are higher than your solar payments, there is a good chance you will see savings.
At Solar Cost Calculator, we suggest that anybody paying more than $100 a month for electricity should consider solar.
What solar incentives Otter Tail Power Co does offer?
Category : Financial Incentive
Website : https://www.otpco.com/ways-to-save/programs/
Applicable Sectors : Commercial, Residential, Federal Government
Incentive Amount : HVAC Air Conditioner: Up to $150/unit Air-Conditioning Control (CoolSavings): $8.25/month Electric Heating Rebates: $20 - $40/kW A/C or Heat Pump Tune-Up: $75 - $150 Cold Climate Heat Pump: Up to $840/ton (Ductless); Up to $1,040/ton (Ducted) Geothermal Heat Pump: Up to $1,640/ton Standard Heat Pump: Up to $500/ton Air-to-Water Heat Pump: Up to $1,240/ton Thermal Storage Heating and Cooling: $40 - $75/kW Heat Pump Water Heaters: $200/unit Smart Thermostat: $35 - $150 Applicances Refrigerators: $50/unit Freezers: $50/unit Dishwashers: $50/unit Clothes Washers: $50/unit Clothes Dryers: $50/unit Induction Stoves: $50/unit Air Purifiers: $25/unit Dehumidifiers: $25/unit Appliance Recycling: $10 - $50 Insulation and Windows Wall insulation: Up to $1,000 Attic Insulation: Up to $1,000 Air Sealing: Up to $800 Windows: $25/unit Lighting LED Lighting (Retrofit): $0.10 - $0.60/watt LED Lighting (New Construction): $1.25 - $75/unit Occupancy Sensors: $200/kW Lighting Controls: $200/kW Outdoor Equipment Lawnmower: $250 - $750 Snow Blower: $150 Weed Trimmer: $25 Leaf Blower: $25 Electric Vehicle Level 2 Charging Station: $500
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.otpco.com/ways-to-save/programs/custom-grants/
Applicable Sectors : Commercial, Industrial
Incentive Amount : Grants are calculated based on demand (kW) and energy (kWh) saved
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.otpco.com/ways-to-save/business/programs/
Applicable Sectors : Commercial, Industrial, Federal Government, Agricultural
Incentive Amount : Appliance Recycling: Varies by appliance. See website for details. Compressed Air: Varies by equipment. See website for details. Heating and Cooling Heat Pumps: $500 - $1,240/ton, See website for details. Geothermal Heat Systems: Up to $1,340/ton Heat Pump Water Heater: $100 - $400 Plenum Heater/Electric Boiler/Furnace: $20 - $40/kW Electric Cable or Panel Storage Heating: $40/kW Heat-Storage Systems: $75/kW Motors and Drives Adjustable-Speed Drives: $40 - $60/HP Electronically Commutated Motors: $15 - $175 Motors: $40 - $7,000/unit Hand Dryers: $250 Refrigeration: Varies. See website for details Cooking Equipment: Varies. See website for details Lighting: See website for details Level 2 charging station: $500/unit
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.otpco.com/ways-to-save/residential/programs/
Applicable Sectors : Residential
Incentive Amount : Air-conditioner Rebates Energy Star Air Conditioner: up to $150 per unit Energy Star Appliance Rebates Heat pump water heater: $200 Refrigerators: $50 Chests or upright freezers: $50 Dishwashers: $50 Clothes washers: $50 Electric clothes dryers: $50 Heat pump clothes dryers: $50 Induction cooktops or ranges with induction cooktops: $50 Air purifiers: $25 Dehumidifiers: $25 Appliance Recycling Refrigerator: $50 Freezer: $50 Window AC: $25 Dehumidifier: $15 Electric Heating Electric Plenum Heater: $40 per Kw Electric Boiler:$40 per Kw Ducted Electric Furnace:$40 per Kw Cold-climate:$40 per Kw Geothermal heat pump:$40 per Kw Electric cable or panel storage heating system: $40 per Kw Baseboard: $20 per Kw Cove heat: $20 per Kw Garage unit heater:$ 20 per Kw Radiant electric heating: $20 per Kw Heat Pumps Cold-climate heat pump (CCHP) Ductless: up to $840/ton Cold-climate heat pump (CCHP) Ducted: up to $1,040/ton Standard heat pump: up to $500/ton Air-to-water heat pump (AWHP): up to $1,240/ton Geothermal heat pump (GHP): up to $1,640/ton Electric Water Heating 80-gallon or larger water heater: $400 50-gallon water heater: $200 Replacements: $100-200 *See website for additonal details and rebates Electric Water Heating New battery electric vehicle (BEV): $3,000 New plug-in hybrid electric vehicle (PHEV): $1,500 Used BEV: $1,500 Used PHEV: $750 Heat pump or AC tune-up rebate Heat Pump tune-up: $150 Air-conditioner tune-up: $75 Insulation Air Sealing: $800 Wall Insulation: $1,000 Attic Insulation: $1,000 Window: $25 Home Transformer Schedule energy assessment See Website for details Lighting See Website for details Smart Thermostats Tier II smart thermostats: up to $100 Tier III smart thermostats: up to $150 Tier III line voltage: $100 Thermal Storage Thermal storage: $75/kW See Website for details Water Heaters Up to $400 rebate See Website for details
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.otpco.com/ways-to-save/electric-vehicles/
Applicable Sectors : Residential
Incentive Amount : Level 2 EVSE: $400
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.otpco.com/ways-to-save/programs/
Applicable Sectors : Commercial, Residential
Incentive Amount : Heating and Cooling Electric Plenum Heater on dual fuel or RDC rate: $500 (9 kW to 5 kW system); $20/kW (systems larger than 25 kW) Electric Boiler on dual fuel or RDC rate: $500 (9 kW to 5 kW system); $20/kW (systems larger than 25 kW) Electric Furnace on dual fuel or RDC rate: $500 (9 kW to 5 kW system); $20/kW (systems larger than 25 kW) *Baseboard, Cove Heat, Radiant Ceiling, or Non-Storage Floor-Warming Heat: $15/kW Smart Thermostats: $35 - $150 Thermal Storage (up to 500 kW): $40/kW Water Heaters: $300 Heat Pumps Air-to-water systems: $400/ton Ductless Cold-Climate systems: $400 - $500/ton Ducted Cold-Climate systems: $600 - $700/ton Geothermal Systems: $1,200/ton (residential); $1,000/ton (commercial) Other Incentives Lighting: In-store rebates at select retailers. Rebates for Hardwired and New Construction lighting available. Level-2 EV charging station: $400
Implementing Sector : Utility
Installing and connecting your solar system
When you install a solar system in Otter Tail Power Co territory, these are steps you can expect to go through:
Once you’ve hired a contractor, you will need to communicate with Otter Tail Power Co to prepare the interconnection paper. Your contractor will handle most of these responsibilities
After the interconnection agreement has been finalized, your contractor can begin the installation process.
Once your system is installed, it needs to be inspected for safety and code compliance.
After the final inspection, you will receive a written notice within a few days that your system is approved to operate. You can turn on the system yourself or you can contact your installer for further assistance.
Most homeowners prefer to do it themselves. The whole process should only take 10 - 15 minutes.
Is solar worth it for Otter Tail Power Co customers?
The short and sweet answer is a resounding YES. Going solar is definitely worth it for Otter Tail Power Co customers. The average homeowner in _UtilityCompanyName_ can save an estimated #### over the lifespan of their solar system.
Going solar is a long game so you need to think several years ahead. It can take a few years to hit your break even period. But between net metering and solar incentives, you can drastically reduce that timeframe.
Want to get an idea for what it will cost you to go solar with Otter Tail Power Co? You can use our Solar Cost Calculator to generate a customized estimate instantly. We take into consideration a wide range of criteria including location, electric bill, roof size, and other factors. Try it out today and start planning for your future.
