Compared to other states around the country, Massachusetts is perhaps one of the top places in the U.S. to take advantage of solar power and solar PV installation. This is in part due to the solar rebates offered by the state, but there are other advantages that make it easy for homeowners to switch to clean, green energy.
Solar Rebates and Tax Breaks
The United States government is making solar installation easier for residential customers through its Residential Renewable Energy Tax Credit, which reduces solar PV system costs by about 30%. However, there are also Massachusetts-specific credits that can help homeowners. These include:
- the Massachusetts Personal Income Tax Credit, which provides either 15% of the cost of a solar PV system or $1,000;
- the Massachusetts Sales Tax Exemption, which can be used toward any solar power equipment purchased in the state;
- and the Massachusetts Property Tax Exemption, which excludes the value of solar panels added to a home so as to not increase property taxes.
Massachusetts also offers homeowners the chance to apply for MassCEC’s Commonwealth Solar II Rebate through the Massachusetts Clean Energy Center. All solar rebates must be approved before the installation begins and must comply with certain MassCEC guidelines.
Massachusetts solar power incentives include a number of loans and grants for state residents, especially through Solarize Massachusetts, the Residential Solar Loan Program, and the Rooftop Solar Challenge. All of these programs benefit state residents who want to incorporate this environmentally friendly energy source into their homes.
In addition to Massachusetts solar power initiatives, the federal government also gives homeowners and some small businesses the chance to save on installation and energy. The Federal Housing Administration offers a $25,000 FHAPowerSaver loan, which provides funding for up to 20 years. The U.S. Department of Agriculture and the U.S. Department of Energy also have grants available, especially for consumers who live in rural areas.
Perhaps one of the biggest advantages to switching to solar energy for residential homes is that homeowners who stay on the grid have the opportunity to get paid for the energy they create. Massachussetts residents spend more on electricity than the average U.S. homeowners, and these rates show no sign of slowing down. The state’s average electricity price is 23 cents per kilowatt hour (kWh), as opposed to the national average cost of just 13 cents/kWh. Staying on the grid and using a process known as net metering helps solar owners get paid for the power they produce, and they can even get a credit from the power company.
Solar users can also use the Commonwealth Solar II Rebate to generate income using Solar Renewable Energy Certificates, or SRECs. One SREC is good for every one megawatt hour (or 1,000 kWh), and it allows solar panel owners to sell their energy to power companies.
But here’s where it gets better…
Most Bright Planet Solar customers pay at least 30% less than they were paying for traditional power, and don’t even need to buy a solar power system. We can install one at no upfront cost to you – you simply pay less for power each month. How much less? While your energy bill would normally rise an average of 5.5% each year, Bright Planet Solar’s 25 YEAR FIXED RATE gives you the confidence of always knowing what you will pay for energy, and never facing surprise increases.