Massachusetts Finalizes SREC II Solar Panel Incentive Extension
Posted: Thursday, 3/23/17 @ 3pm EST
As discussed in our recent SREC blog post, the Massachusetts Department of Energy Resources (MA DOER) announced an extension to the SREC II program in January 2017 (read the SREC blog post for more details). Today, they officially finalized the extension of the SREC II program, stating that it will extend until the next solar panel installation program is instated, which should be sometime in early 2018.
MA DOER is considering this an "emergency regulation" to keep the state’s solar industry moving forward while the next program is being developed. The SREC II extension for 2017 is important to both the residential and commercial space. Had this not been extended, commercial solar development could have halted and the residential market would've slowed tremendously.
It's important that customers understand that any new program that the MA DOER develops will not be as lucrative as the SREC II program, which provides a payment to customers for the number of kWh produced (again - see our SREC blog post from February to understand exactly what the "exchange" is). Right now, if you install solar in Massachusetts, your payback is 3-7 years (depending on a number of factors such as roof size/the size of the system/your average monthly electric bill etc.) with an average ROI of 20% for 10 years (SRECs are paid out for the first 10 years of system production). The new solar program that is being proposed by the MA DOER seems to lend itself to around $8,000-10,000 less than what you would make from installing solar today, so why wait?
We don't want Massachusetts customers to miss out on this payback. If you already have solar, you can refer your friends and family. If you don't, then now is the time to chat with Boston Solar. We can explain how a solar panel installation is the best investment you can make - even better than your 401k (that's for another blog post, another day). Fill out the contact form to the right and we'll contact you.
Director of Marketing at Boston Solar