If you live in Massachusetts, the answer is a resounding yes!
Due to the variety of incentives at both the state as well as the national level to purchase solar panels, there really has never been a more rewarding time to go green with solar energy. Most residential systems will pay for themselves in less than five years.
Currently the retail price for a five kW solar panel set up is around $25,000. This system is going to give you about 6,000 kWh of power every twelve months in Massachusetts and provide just about 60% of the standard residential household?s electricity requirements.
There is a Commonwealth Rebate which will deduct $2,000 off that price. Plus, if you reside in a moderate house or earn a moderate wage, you will be given an additional $2,000 reduction. Or if you happen to have been unlucky enough to have your house damaged during last year?s tornadoes, you will be given a further five thousand dollars reduction.
There also are both federal and state tax credits. Currently the federal tax credit sits at a fantastic 30% and the state credit is for $1,000. After the rebates and additionally the tax credits, you should be able to obtain a 5 kW solar panel array for $16,000, less in case you receive the moderate income or moderate home value adders. A system of that size in Massachusetts ought to provide an average of close to $80 worth of electrical energy monthly yielding a yearly savings of $1,000.
But the best long-term revenues come from auctioning off your SRECs. One megawatt hour (1,000 kWh) earns you one SREC and a 5 kW system ought to emit almost 6,000 kWh yearly. Since the state has compelled the electricity companies to produce a small percent of their total electrical power using green methods, they will provide you with around $400 for every one of those 6 SRECs so they can say that you?re generating electrical energy for them. Consequently that?s another $2,400 in tax-free income right into your wallet every year. So now you can ?have an understanding of? a $16,000 solar panel array can easily be paid off in slightly less than 5 short years as it nets $3,400 annually including electricity savings coupled with SREC compensation.
Solar panels can also be among the best home improvement possibilities open to the Massachusetts resident. For a selling price of $16,000, it should increase the worth of your residence by $20,000. That is a 125% return on investment. Nearly all home improvement projects won?t pay for themselves completely. Solar panels not only increase the worth of your own home above what they can cost, they will make you money each year in the process. They are even exempt from property taxes for 20 years.
And additionally let us bear in mind the main reason these types of stimuli exist in the first place ? to save our planet. A 5 kilowatt solar panel array is going to lessen your carbon footprint by at least one-hundred tons of carbon dioxide across twenty-five years, the equivalent of planting eight hundred trees. Every 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 generate electrical power.
As you can see from the many stimuli presently available that right now unquestionably would be the right time for solar power. The Commonwealth Rebate together with the federal and state tax credits trim down your initial costs. And the electric bill savings plus the SREC program add significant returns and bolster your home?s resale value. What?s more there?s simply no telling just how much longer each of these promotions will be available. The Commonwealth Rebate has already been decreased recently plus the federal tax credit has been threatened annually.
Additionally, while this industry matures, a greater number of financing approaches are becoming available to homeowners, making solar energy economical for everyone. Without a doubt if you?ve always desired to buy solar panels, there has certainly never been a better time than right now!
Gary S. Best lives in Massachusetts and spent months researching the various stimuli and financing alternatives prior to deciding to purchase a 5 kW solar panel system in 2011. He has since started a web site, Mass Solar Info.com, educating residents on the subject of solar energy in Massachusetts in addition to providing them with a means to see solar company ratings, easily receive no-cost estimates and save as much as $500 off their own installation.
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