Wondering if solar is right for your residential home in Massachusetts? Here are 3 awesome incentives for switching to solar.
- SMART Program
Massachusetts’ SMART Program is a great incentive to consider when making the switch to solar. This program is new for 2020. Customers receive a fixed rate per kilowatt hour of solar energy produced for ten years. The fixed retail rate is significantly lower than the regular retail rate depending on the amount of kilowatt systems that are being used. This results in a huge amount of savings from the Massachusetts SMART Program. For example, if the system is under 25 kilowatts, then the regular rate ranges for 29 to 31 cents per kWh (kilowatt hour). However, with the SMART program, your fixed rate can be up to 10 cents lower than the regular rate. In the overall monthly charges, your bill could be up to $150 dollars less than what you were paying prior to your solar installation in Massachusetts .For those with low-incomes, Massachusetts has created even higher incentives in order to make solar more accessible to everyone. The SMART Program gives Massachusetts a great reason to switch to solar in your state. Similar to the incentives that exist in any state, it is important to remember that they are only lasting for a limited time.
- Net Metering
Net metering is one of the few incentives that have been battled over in Massachusetts. However, the benefits being such a large impact on homeowners has allowed for Massachusetts to still offer this amazing opportunity to earn some money back on your home solar system. Net metering allows you to sell any extra energy you are not using with your panels back to the grid. What this means is that if you are using less energy throughout the day, and your system is generating more energy than you are using, this excess energy is sold back to the grid for your to receive a credit. The ultimate reward for this is that your system is paying for itself. An even greater reward from this is the amount of jobs you are creating through the high demand in electricity. With so many different ways to power your home, electricians and installers suffer if less people are switching to solar. Your support in solar power is employing more than 250,000 Americans within the net metering process and solar companies in Massachusetts. The money you save goes much further than you would have ever imagined.
- Tax Credits and Programs
One of the most important tax credits to learn about when switching to solar is the Federal Solar Tax Credit (ITC). This tax credit applies to those of you who are considering buying your system outright. The Federal Solar Tax Credit could reduce the cost of your home solar system by 26% come tax time next year. The Massachusetts Personal Income Tax Credit is exclusive to your state. When you file for this tax credit, you could receive a credit of $1,000 or 15 % of the qualifying project costs. These two numbers are dependent on whichever is less. Both of these tax credits should definitely be taken advantage of during your next tax season.
Contact us today to start saving money and to claim your state specific incentives.