When it comes to making the decision to install solar panels on your home one of the biggest factors to consider is the upfront cost. Buying your solar outright is the best decision you can make. The payback on your investment will be very fast due to all the incentives available in Massachusetts. Always consider owning your solar because soon once you pay it off you will be generating your own free energy. The payback is usually 7-10 years as of right now, but you will have to move fast to take advantage of the available time-sensitive incentives. Luckily there are some great state and federal solar incentives that you can take advantage of. Another great perk is that Massachusetts offers some of the best solar panel incentive programs in the country.
There are many different types of incentives and tax breaks you can take advantage of
One of the biggest is the Solar Investment Tax Credit (ITC). The ITC can go by a couple of other names like Solar Tax Credit or Federal Tax Credit. Either way, this tax credit can dramatically reduce the cost of having a solar panel system installed on your home.
Another great program to take advantage of for potential residential solar customers in Massachusetts is the SMART program. SMART or Solar Massachusetts Renewable Target is a program that will provide you with a monthly payment for the energy that your solar system produces. These payments can last for up to ten years. The amount of these payments depends on the size of your solar system and the block that you’re in. This program is on a declining schedule and will eventually be phased out. The sooner that you can get a system installed the sooner you can apply and the greater the payments will be for you.
Net metering can save you money in a huge way
This next way to save on your solar costs isn’t available in all states, but it is available for Massachusetts solar customers. I’m talking about net metering. When you take advantage of net metering you’re allowing the extra energy created by your solar panels that would normally be wasted to be transferred back to the electric company where they will supply you a credit for the energy. This is a win-win situation if it is available in your state. To be paid for the energy that would normally be wasted will help you and the environment.
Get in touch with Future Energy Solar to see just how much you stand to gain from these state and federal solar incentives. We can help you take advantage of some of these great programs and set you up to have the best experience possible when it comes to having solar energy integrated into your life.