If you live in the Massachusetts area, you’ve probably heard the word “solar” thrown around. You may also have heard about the state’s tax credits, which can help make solar energy cheap. But why is the state now so popular for home solar?
Residential solar power installations rose by 34% from 2.9 gigawatts in 2020 to 3.9 gigawatts in 2022
The residential solar market continued its record-breaking streak in the first quarter of 2022. More than 1.2 gigawatts (GW) of new capacity was installed. This is a significant milestone because it is the largest quarterly installation ever in the history of the residential sector.
As a result, solar power contributed 50% of all new electricity-generating capacity added to the US grid in Q1 2022. That number represents a 17% decline from the same quarter last year.
While the commercial and utility-scale solar segments contracted, the residential solar segment rose by an unprecedented 314% from 2020 to 2021. This increase is largely driven by a recent 30% federal tax credit for home solar panels, which took effect in August.
However, trade policy disruptions and supply chain constraints continue to slow America’s clean energy progress. These challenges exacerbate shipment delays and project delays.
In addition, the upcoming anti-circumvention investigation has taken a toll on shipments. The Department of Commerce has reopened its probe into the solar industry’s alleged use of “unfair methods” in order to reduce tariffs and avoid price controls.
Tax credits and other incentives make solar energy inexpensive
For solar power systems, the tax credits and other incentives in Massachusetts are numerous. These incentives may include tax credit, rebates, and loans. There are even state-sponsored programs such as the Mass Solar Loan Program. The good news is that these incentives will save you money in the long run.
The federal government offers the largest incentive to install a home solar system. This tax credit is worth up to 30% of the total cost. It can be rolled over for as many years as you need.
The State of Massachusetts offers one of the more comprehensive solar programs. Known as the Solar Massachusetts Renewable Target (SMART) program, this program provides incentive to install solar panels on your roof.
The SMART system, which is partnered with Eversource and National Grid, pays a fixed rate per kilowatt-hour of energy produced by your solar panel. When your system produces more than you use, you send the extra power back to the electrical grid. You can use this excess energy to offset your grid costs during non-production hours.
Mass Solar provides a straightforward process of owning or leasing solar panels
Mass Solar Initiative provides home reviews to determine the viability of solar for houses throughout Massachusetts. The organization is dedicated to improving information gathering process for homeowners throughout the state. The company will never knock on a homeowner’s door or call without permission. The goal is to provide personalized solar designs and energy reports for each to determine whether solar is a good fit for the homeowner. The company has been in business for more than 8 years providing this service. With a variety of financing options, it can make solar energy affordable for homeowners.
Whether you are looking to buy a solar panel or lease one, Mass Solar Initiative is a great choice for your needs. You can choose from a variety of options, including PPAs, outright purchases, and loans. Their knowledgeable and professional staff can help you get started with a solar system.
There are a number of advantages to choosing a solar company, and one of the biggest is the savings you will see on your utility bills. In addition to the savings, there are many tax breaks available in the state of Massachusetts. These include the net metering program and the solar tax credit. If you are planning on selling your home, you will likely increase the value of your property by installing a solar system.
