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When it comes to electricity bills, Massachusetts has some of the highest rates in all of New England, which further drives the push toward solar energy. By making the switch to a renewable energy source, residents can greatly reduce their monthly electricity costs.
RPSs are regulations that say how much of a utility company’s energy must come from renewable sources by a certain deadline. Massachusetts requires that 25% of all energy must come from renewables by 2030. Utilities are eager to support a residential solar market and work with homeowners because if they don’t meet the deadline, they face fines
Among the many ways Massachusetts homeowners are saving on solar, SRECs, or Solar Renewable Energy Credits, are some of the most generous. Keep in mind that these credits are only available to homeowners who purchase their solar panel system outright, a process that can be overwhelming without a helping hand. But have no fear, Energybillcruncher is here! With our extensive partnership network, we can hold the SRECs and pass the savings onto the homeowner with the lowest kWh rates out there, paying for the power instead of the panels. Basically you reap all the benefits of going solar without the risk and burden of ownership.
Massachusetts offers very good net metering laws, a plus for homeowners with solar energy systems. Net metering laws provide rules for how solar power production is measured, and how the home’s surplus solar-generated power can be transferred to the grid. If your system produces more energy than you need, you sell the excess to the utility company and your electricity bill reflects the credit.
Massachusetts has strong Interconnection standards, which work hand-in-hand with net metering laws to make it more efficient for a solar power system to pay for itself. Interconnection standards are requirements for connecting solar and other electrical generation systems to the grid.
Although they vary by locale, chances are if you are a homeowner in Massachusetts you can avail yourself of one or more rebates.
Thanks to Massachusetts’ impressive renewable energy income tax credit, if you do decide to purchase your home solar panel system outright, you’ll be eligible for an income tax credit that covers 15% of the total cost of your system, capping out at $1,000.
Even after their property value rises in the wake of installing a solar energy system, homeowners can keep paying the same property tax for up to 20 years.
Don’t pay any sales tax on a residential solar energy system in Massachusetts! That’s a savings of 6.325%.
In addition to the state-specific offers that Massachusetts solar owners get to take advantage of, you’ll also receive a Federal tax credit. This credit amounts to 26% of the solar panel system’s cost after you’ve deducted the value of the various state rebates you received. As the years progress, this percentage will drop, so if you’re considering your solar panel options, it makes sense to install a system soon!
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