Massachusetts SRECs, rebates, and tax credit for solar
You can easily spend twenty thousand on a new car...will that save you money? What’s the payback on that? You are also polluting the environment to go along with it. So why not invest in your own solar power. Solar investments are better, cleaner, and best of all you can get paid for them!
The state of Massachusetts Commonwealth Solar Program provides grants to all system owners who receive service from a Massachusetts utility company. You can receive at the most $3,750. Some residential owners with moderate income or home value will receive an additional of up to a maximum $8,500. The federal government will allow you to deduct 30% of the installation price on your next year’s tax return, and this rebate carries over for three years. The state also offers a 15% personal tax credit that is based on the cost of labor for the installation.
The electricity you produce and do not use flows back in the form of SRECs, for which the utility company reimburses you in monthly payments. After your solar system is up and running, the more energy you produce, the money you receive from the utility company. Finally they are paying you! This SREC payment is guaranteed for 10 years.
The Commonwealth Solar rebate is not intended to and will not pay for the complete cost of the system installation. The maximum amount for residential customers is $8,500 and $4,250 for commercial customers.
Massachusetts provides a 100% property tax exemption for the span of 20 years for solar energy systems used for one’s personal residence.
Solar Renewable Certificates is similar to a stock certificate for energy production. One SREC is earned from one kilowatt-hour of renewable energy that has been generated by using solar technology. A home with a 6Kw capacity system will generate about 6 kilowatt-hours per year. So you are earning anywhere between $1,800 and $3,600 with this program ($300 to $550 per KW) . You can get paid for producing your own solar electricity in your home.
A solar panel life span is estimated to be well over thirty five years. The federal government, along with state and local governments are obviously trying to create greener energy to help protect the environment. We're the ones who have damaged our planet by draining most of our own natural resources. We should all try to work together in fixing our planet, or at least try not to cause any more damage.