How to Switch to Solar Power?
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Solar Panels in Massachusetts
Making the switch to solar in Massachusetts is a no-brainer with favorable incentives and green energy advantages that are available to homeowners across the state. In fact, Massachusetts is so warm to the idea of renewable energy, that it actually has a solar access law that protects the homeowner’s right to install and generate electricity with their panels.
How Much Can I Save?
For most homeowners in Massachusetts, transitioning to solar means cleaner, price-protected energy that can help lower your monthly utility bills. Homeowners in Massachusetts can save up to $1,000- $1,500 on average their first year annually.
- Many see a major electricity bill offset
- The average monthly electricity bill in Massachusetts is nearly $125
- With the Investment Tax Credit (ITC), you can reduce the cost of your PV solar energy system by 30%
How It Works
You’ve probably seen solar panels popping up more frequently around your neighborhood and wondered about how it all works. Luckily, the switch to solar and understanding how solar energy works is simple.
When sunlight hits the photovoltaic (PV) panels, electrons become excited, creating a direct current (DC) of electricity. This current is fed into an inverter, which converts DC electricity into alternating current (AC) electricity so it can be used by appliances in your home.
Massachusetts’ net metering policy allows property owners to send electricity generated by their solar panel system onto the grid and receive credit on future electric bills for excess energy produced by the system… Then, come winter, they can use those credits to keep their monthly electricity costs low.
Solar Incentives in Massachusetts
Claiming the ITC is easy. All you need to do is complete IRS Form 5695, “Residential Energy Credits,” and include the final result of that form on IRS Schedule 3/Form 1040.
The ITC is a 30% tax credit for solar systems on residential and commercial properties. The residential and commercial solar ITC has helped the U.S. solar industry grow by more than 10,000% since it was implemented in 2006, with an average annual growth of 50% over the last decade alone. Most recently, congress has passed a two year delay of the ITC phase down in 2020 allowing more homeowners to be eligible.
According to the Solar Energy Industries Association (SEIA), Massachusetts ranks in the top ten solar states in the United States with 1,020 megawatts (MW) of solar installations, enough to power 163,000 homes.
In the state of MA, state officials have invested $7.5 million dollars into solar, and have predicted a growth projection of 1,553 MW or 1,553,000 kW over the next 5 years.
Momentum Solar is in Massachusetts
Momentum Solar is known for its’ “no-strings-attached” offering — homeowners can go solar for little-to-no money out of pocket and, oftentimes, have the benefit of a lower electric bill. Affordable roof repairs or replacements are offered for homes that are being prepped for installation.
Momentum Solar is committed to helping Massachusetts homeowners convert to clean, solar energy. We provide guidance at every step in the process, which includes helping you determine the best way to finance your system. In Massachusetts, three options are available to you:
- Pay upfront for your system: If you are able to, paying for your system outright offers substantial savings over time.
- Take out a loan: Many homeowners don’t have enough money to pay for their system outright but taking out a loan allows them go solar sooner. There are several types of loans available and we can help you find the best one for your financial situation. With a loan, you’ll be able to get a solar system installed on your property for $0 down so you can start experiencing cost savings sooner. Once the loan is paid off, you’ll own your system.
- Lease your solar panel system: Leasing or a solar power purchase agreement (PPA) are attractive options for Massachusetts residents who want to enjoy the savings associated with solar without owning the system. With a lease or PPA, you’ll pay a fixed amount for each kWh of electricity generated by your system, which will be substantially lower than paying for electricity from the grid. With no upfront investment and savings guaranteed during the entirety of your leasing agreement, this is an excellent way to go solar for little money down.