Solar Panels Massachusetts
As a result of the numerous incentives at both the state and federal level to purchase solar panels, there really has never been a more rewarding time to go green with solar power. The vast majority of residential systems are able to pay for themselves in about five short years.
Currently the asking price on a 5 kW solar panel system is just about $25,000. A system of this size is going to generate somewhere around 6,000 kWh of electricity every twelve months in Massachusetts and provide about 60 percent of the average residential household’s energy needs.
There's a Commonwealth Rebate that will subtract $2,000 off the top of that selling price. Moreover, for those who live in a moderate residence or have a moderate salary, you will be given another $2,000 off. Or in case you were unfortunate enough to have your home damaged during last year’s tornadoes, you will receive a further five thousand dollars off.
There also are both federal and state tax credits. The federal tax credit is currently a whopping 30 percent while the state credit is good for $1,000. After the rebates as well as the tax credits, you will be able to acquire a 5 kilowatt solar panel system for about $16,000, even less in case you receive the moderate income or moderate home value adders.
Here in Massachusetts, a solar panel system of that size should provide an average of somewhere around $80 worth of electricity monthly to get an annual savings of $1,000.
But the long-term earnings derive from selling your system's SRECs. One megawatt hour (1,000 kWh) is equivalent to 1 SREC and a 5 kilowatt solar panel array ought to produce somewhere around 6,000 kWh yearly. Because the state has required the utility companies to produce an explicit percent of their total electricity from renewable methods, they will be compelled to give you around four hundred dollars for every one of your six SRECs so they can say that you're generating electrical energy for them. So that’s an additional $1,700 in tax-free income right into your wallet every year.
Now you can understand how a $16,000 solar panel array can be paid off in slightly less than 6 short years considering that it brings in $2,700 annually between electric bill savings and additionally the SREC proceeds.
Solar panels can also be one of the best home improvement possibilities available to the Mass. resident. For a selling price of $16,000, it should raise the value of your personal home by $20,000. That is a 125% return on investment. Just about all home improvement projects don't pay for themselves completely. Solar panels not only increase the worth of your own residence more than they run you, they will earn you money each year on top of everything else. They're also exempt from property taxes for the next 20 years.
And additionally let us keep in mind the key reason all of these incentives exist at all – to save the Earth. A 5 kilowatt solar panel system can slash your carbon footprint by almost one-hundred tons of carbon dioxide across twenty-five years, the equivalent of planting eight hundred trees. Each year, it's going to stop the equivalent of about three tons of coal or 20,000 cubic feet of natural gas from being used to create electrical energy.
Needless to say from all the incentives presently in existence that now undoubtedly is the ideal time for solar power. The Commonwealth Rebate in addition to the federal and state tax credits cut down your startup expenses. Plus the electric bill savings as well as the SREC program supply significant income and also boost your home’s resale amount.
Furthermore there's simply no way to know just how much longer each of these stimuli are going to be around. The Commonwealth Rebate has already been reduced recently plus the federal tax credit is endangered yearly.
Additionally, while this market grows, increasingly more financing approaches are becoming available to homeowners, making solar energy cost-effective for everyone. Without a doubt if you've always desired to buy solar panels, there really has never been a better time than right now.
For more information on going green with solar panels and saving $500 off your free, no obligation, estimate, visit http://www.MassSolarInfo.com/ today!.
If you're interested in how solar panels work, please check out this link.