Massachusetts is renowned for its world-class universities, but it’s also established itself as a leader for smart energy policy, and solar energy incentives in particular. It’s on pace to blow past its target of 1.6 gigawatts (GW) of solar way ahead of schedule, and in February the state legislature introduced a bill that would mandate 100% renewable electricity by 2035 – the most ambitious target of its kind in the US!
So what exactly makes Massachusetts solar policy so smart? Massachusetts has several different, mutually-reinforcing incentives working together to make going solar easy for homeowners and businesses.
Like most big solar markets, a policy called net metering is the foundation of solar’s success in Massachusetts. Net metering means that every kilowatt-hour (kWh) of electricity produced by your solar panels offsets a full kWh of electricity use on your electricity bill – so, when electricity prices are high like they are in Massachusetts, it makes solar generation that much more valuable! In fact, a 2016 analysis indicated that net metering gives Massachusetts the most attractive economics for rooftop solar of any state outside of California, with potential bill savings of 20-40% in the first year.
Solar Renewable Energy Certificates (SRECs):
Every megawatt-hour of solar power in Massachusetts creates a Solar Renewable Energy Certificate (SREC), which utilities in the state must purchase to meet their obligations under the state Renewable Portfolio Standard
Income Tax Credits:
In addition to providing excellent per-kWh economics via net metering and SRECs, Massachusetts also reduces the upfront costs of going solar with a state income tax credit. The Residential Renewable Energy Income Tax Credit is worth 15% of installation costs, up to a maximum of $1,000. Even better, this state tax credit can be claimed alongside the federal solar income tax credit worth 30% of your installation costs, so going solar can actually help reduce your taxes in two ways!
How to Enroll in Massachusetts Solar
As one of the top residential solar installers in the Northeast, Trinity Solar has had a leading role in the Massachusetts solar boom, and we’re excited to keep it going by offering our customers a wide range of solar financing options including zero money down loans. Click through to see how much you can save by going solar – it’s a smart decision for your household budget and for the environment.