Could Now Be The Right Time For Solar Panels?

Tweet

If you live in Massachusetts, the answer is a resounding yes!

On account of the numerous incentives at both the state and federal level to purchase solar panels, there has never been a more rewarding time to go green with solar energy. The vast majority of residential solutions have the ability to pay for themselves in less than 5 years.

The sticker price on a 5 kilowatt solar panel system is approximately $25,000. A system of this size should give off almost 6,000 kWh of power every twelve months here in Massachusetts and supply just about 60% of the normal residential household’s electrical energy requirements.

There’s a Commonwealth Rebate which will subtract $2,000 from that price. In addition to that, if you should live in a moderate home or earn a moderate salary, you should receive an extra $2,000 off. Or if you happen to have been unlucky enough to have your residence damaged in last year’s tornadoes, you will receive an additional five thousand dollars off.

There also are both federal as well as Massachusetts state tax credits. The IRS tax credit is currently a massive 30 percent and the state credit is for $1,000. Following the rebates as well as the tax credits, you’ll be able to obtain a 5 kW solar panel array for about $16,000, less if you should receive the moderate income or moderate home value adders.

A system of that size in Massachusetts will give you an average of close to 80 dollars worth of electricity monthly for a yearly cost savings of $1,000.

But the long-term earnings come from the sale of your SRECs. One megawatt hour (1,000 kWh) earns you one SREC and a 5 kilowatt system ought to yield just about 6,000 kWh yearly. Because the state has compelled the electricity companies to generate a small percent of their total electricity via green sources, they will provide you with about $400 for every one of your six SRECs to say that you are generating electrical power for them. Thus that’s a further $2,400 in tax-free income right into your wallet every year.

Now you can have an understanding of a $16,000 solar panel system can be paid off in slightly less than 5 years considering that it earns $3,400 annually between electricity savings in addition to SREC compensation.

Solar panels are also one of the best home improvement options open to the Mass. resident. For a price of $16,000, it will raise the value of your own residence by $20,000. That’s a 125% ROI. Many home improvement projects won’t pay for themselves fully. Solar panels not only increase the value of your home more than they can cost, they are able to earn you money each year in the process. They’re even exempt from property taxes for the next 20 years.

And let us not forget the main reason these stimuli exist to begin with – to save the Earth. A 5 kilowatt solar panel array can slash your carbon footprint by almost one-hundred tons of carbon dioxide during the next twenty-five years, the equivalent of growing eight hundred trees. Each year, it will prevent the equivalent of 3 tons of coal or 20,000 cubic feet of natural gas from being burned to create electrical energy.

Needless to say from all the incentives currently available that now absolutely is the perfect time for solar energy. The Commonwealth Rebate and the federal and state tax credits cut down your initial expenditures. Plus the electric power savings together with the SREC program add significant revenue and also boost your home’s resale value.

Plus there is no way to tell how much longer each of these stimuli are going to be in existence. The Commonwealth Rebate has already been decreased recently and the federal tax credit has been threatened yearly.

Lastly, as this industry grows, a greater number of financing alternatives are becoming available to homeowners, making solar power economical for everyone. Without a doubt if you’ve always desired to purchase solar panels, there has certainly never been a better time than now!

Gary S. Best lives in Massachusetts and spent months investigating the different incentives and financing options before deciding to invest in a five kW solar panel system in 2011. He has since created a website, www.MassSolarInfo.com, educating residents about solar energy in Massachusetts and providing them with a way to easily get free estimates and save up to $500 off their own installation.

Could Now Be The Ideal Time For Solar Panels?

Tweet

For Massachusetts residents, the answer is a convincing yes!

As a result of the many incentives at both the state and national level for solar panels, there really has never been a better time to go green with solar panels. Almost all residential units can pay for themselves in less than five short years.

The typical sticker price for a five kW solar panel system is just about $25,000. A system of this size will give off just about 6,000 kWh of electricity annually in Massachusetts and supply over 60% of the usual residential household’s electrical energy needs.

There is a Commonwealth Rebate that will subtract $2,000 from that price. Additionally, if you happen to reside in a modest home or earn a moderate salary, you most likely will receive an extra $2,000 off. Or if you happen to have been unlucky enough to have your residence damaged in last year’s tornadoes, you shall receive a further $5,000 off.

There are also both federal and state tax credits. The IRS tax credit sits at a fantastic 30% and the state credit is for $1,000. After the rebates and tax credits, you will be able to invest in a 5 kilowatt solar panel array for $16,000, less in case you qualify for the moderate income or moderate home value adders.

A system of that size in Massachusetts will provide an average of about $80 worth of electricity monthly to get an annual savings of $1,000.

But the best long-term revenues come from selling your SRECs. Each megawatt hour (1,000 kWh) is worth 1 SREC and a 5 kW system should emit almost 6,000 kWh yearly. Since the state has forced the electricity companies to produce a certain quantity of their electricity from renewable techniques, they will give you around four hundred dollars for every one of your six SRECs so they can say that you are producing electrical power on their behalf. Thus that’s an extra $2,400 in tax-free revenue right into your wallet every year.

Now you can understand how a $16,000 solar panel system can get paid off in slightly less than 5 years when it earns $3,400 annually between electricity savings together with SREC income.

Solar panels may also be one of the best home improvement options available to the Mass. resident. With a selling price of $16,000, it should raise the worth of your home by $20,000. That happens to be a 125% ROI. Nearly all home improvement projects don’t pay for themselves completely. Solar panels not only raise the value of your house above what they can cost, they are able to bring in revenue each year too. They are even exempt from property taxes for the next 20 years.

And additionally let us bear in mind the main reason each of these stimuli exist in the first place – to save our planet. A 5 kilowatt solar panel array would slash your carbon footprint by over 100 tons of carbon dioxide during the next 25 years, the equivalent of planting eight hundred trees. Each and every year, it’s going to stop the equivalent of three tons of coal or 20,000 cubic feet of natural gas from being used to produce electricity.

As you can tell from all the stimuli presently at your disposal that right now truly is the best time for solar energy. The Commonwealth Rebate as well as the federal and state tax credits lessen your startup costs. And the electric bill savings and also the SREC program supply significant revenue and also bolster your home’s resale value.

What’s more there’s simply no way to know just how much longer these stimuli will be available. The Commonwealth Rebate has already been lowered recently plus the federal tax credit is threatened yearly.

Additionally, while this industry matures, increasingly more financing options are becoming offered to homeowners, making solar panels economical for everybody. Without a doubt if you’ve always wanted to get solar panels, there’s never been a better time than the present!

Gary S. Best resides in Massachusetts and spent months researching the various incentives and financing options before deciding to purchase a 5 kW solar panel system in 2011. He has since started a website, www.MassSolarInfo.com, educating residents about solar energy in Massachusetts and providing them with a means to easily receive free estimates and save as much as $500 off their own installation.

Is Now The Right Time For Solar Power?

Tweet

If you live in Massachusetts, the answer is a resounding yes!

Due to the variety of incentives at both the state and national level for solar panels, there really has never been a more rewarding time to go green with solar panels. Almost all residential units will pay for themselves in about five years.

Currently the asking price on a 5 kilowatt solar panel system is around $25,000. This system will give off almost 6,000 kWh of electricity every twelve months here in Massachusetts and provide about 60 percent of the standard residential household’s electricity needs.

There is a Commonwealth Rebate which will subtract $2,000 off the price. In addition to that, for those who live in a modest home or have a moderate wage, you should be given an additional $2,000 off. Or if you happen to have been unfortunate enough to have your residence damaged in last year’s tornadoes, you will be given an additional $5,000 reduction.

There are also both federal as well as Massachusetts state tax credits. The federal tax credit is currently a massive 30% and the state credit is for $1,000. Following the rebates coupled with the tax credits, you will be able to purchase a 5 kilowatt solar panel array for $16,000, even less should you receive the moderate income or moderate home value adders.

A system of that size here in Massachusetts ought to provide an average of close to $80 worth of electrical energy monthly to get a yearly cost savings of $1,000.

But the long-term profits come from selling your system’s SRECs. One megawatt hour (1,000 kWh) is equivalent to 1 SREC and a 5 kilowatt solar panel array ought to generate just about 6,000 kWh yearly. Since the state has compelled the electricity companies to produce a certain portion of their total electricity via renewable techniques, they will give you about four hundred dollars for every one of those 6 SRECs so they can say that you are generating electrical energy on their behalf. Thus that’s a further $2,400 in tax-free income straight into your wallet each year.

So now you can have an understanding of how a $16,000 solar panel array can easily be paid off in less than five short years considering that it nets $3,400 annually including electricity savings and SREC compensation.

Solar panels can also be among the best home improvement possibilities available to the Mass. home owner. With a selling price of $16,000, it should increase the value of your house by $20,000. Now that is a 125% return on investment. Most home improvement projects never pay for themselves totally. Solar panels not only raise the value of your house more than they cost you, they are able to bring in revenue every year on top of everything else. They are also exempt from property taxes for the next 20 years.

And additionally let us keep in mind the primary reason each of these incentives exist to begin with – to save our planet. A 5 kilowatt solar panel array would lessen your carbon footprint by about one-hundred tons of carbon dioxide over 25 years, the equivalent of growing eight hundred trees. Every year, it will stop the equivalent of about 3 tons of coal or 20,000 cubic feet of natural gas from being used to create electrical energy.

As you can see from all of the stimuli presently in existence that now truly is the right time for solar energy. The Commonwealth Rebate along with the federal and state tax credits cut down on your startup expenditures. And the electric bill savings as well as the SREC program add significant income and also bolster your home’s resale value.

Furthermore there is no way to know just how much longer these stimuli will be available. The Commonwealth Rebate has already been lowered recently and the federal tax credit is endangered annually.

Additionally, as this industry matures, a growing number of financing options are becoming available to homeowners, making solar panels economical for anyone. If you’ve always desired to purchase solar panels, there’s never been a more rewarding time than the present!

Gary S. Best resides in Massachusetts and spent months investigating the various incentives and financing options prior to deciding to purchase a five kW solar panel system in 2011. He has since created a website, www.MassSolarInfo.com, educating residents about solar energy in Massachusetts and providing them with a way to easily get free estimates and save as much as $500 off their own installation.