Regardless of the state’s history of its chilly, snowy winter season, going solar is without a doubt an ideal way for Massachusetts citizens to reduce costs on their electric bills. In this post we take a look at why solar panels are quite a great investment for your home or commercial enterprise in Massachusetts.
Why are solar panels are so well received in Massachusetts?
2015 was a big calendar year for residential solar power for Massachusetts and will likely be one of the states that takes the lead as more and more Massachusetts homeowners and businesses discover the potential benefits to rooftop solar power panels. Once a state filled with under-served renewable demand, Massachusetts is beginning to warm up as a leading solar energy state, according to a variety of data reports.
There are a number of reasons why solar energy has grown to be so well received in Massachusetts.
In Massachusetts, solar can save you money on your power bill: Electricity rates in Massachusetts tend to be rising continuously in the past several years, and they are generally set to continue and increase at a pace of about 3-5% annually. In the meantime, the value of solar power electricity has been continuously declining. These two trends imply going with solar is an excellent strategy to cut your electricity costs whether you purchase your solar panel system with cash or with a solar loan or go solar with a solar lease or power purchase agreement (PPA), solar can help you reduce or eliminate your electric bills.
Solar panels undoubtedly are a high-yielding, secure investment in Massachusetts: In fact, Massachusetts was recently ranked #2 on a list of the top states for investing in solar the united states. So should you have the available funds, investing in a solar system is a great way to allow your money to work for you. In Massachusetts, a typical solar power system will pay for itself in 5-8 years, with an internal rate of return (IRR) of up to 22% – better than a typical stock market investment, yet more secure as utility electricity rates are very unlikely to decline anytime soon. If you think a cash purchase is not a realistic choice for you, consider a $0-down solar loan, which offers comparable returns without worrying about up-front cost.
Homes with solar panels sell for a great deal more: Whether you purchase your system outright or finance it with a loan, you’ll not just simply be saving money on your power bills you’ll also be improving the value of your property. A growing number of research has revealed that owning a solar panel system will add value to your property.
Federal and Massachusetts state tax assistance make solar power an excellent sweeter option: Even without subsidies, solar power is becoming competitive with power company electricity rates. On top of the 30% Investment Tax Credit for solar from the federal government set up to expire in five years, Massachusetts Also offers a suite of incentives of their own. For instance , a state-level solar tax credit (15% of what you paid for your system or $1,000 – whichever is greater) together with a solar net-metering policy that ensures that your utility pays you a fair amount for your extra solar power. Additionally, Massachusetts features a Solar Renewable Energy Certificate (SREC) market, which means you will earn bonus cash for your solar power every month above and beyond the cash you will save on your electricity bill.
Solar makes it possible to cut your greenhouse gas emissions in Massachusetts: Even though you might think about the environmental advantages as secondary to the financial ones, by going solar you will reduce your carbon emissions. Utility electricity in Massachusetts comes primarily from burning natural gas (over 60% of generation in the state), which – while ‘cleaner’ than coal – is still a significant source of greenhouse gas emissions.
Locally owned and operated RevoluSun (Burlington, MA) offers free energy evaluations for homes and businesses. We present you with a no obligation, comprehensive, solar project proposal that meets both your energy and financial needs. We then deliver and install only the most efficient and highest value solar components made by proven and reliable manufacturing partners, and backed by the best warranties in the business. Ask around and you will learn we are a completely different Solar Power installer. If you were thinking about going solar, Now Is The Time, Massachusetts!