From federal to the state level, a collection of rebates and credits are available to significantly offset the cost of the system. But they will not last forever: Incentives are set to expire within the next couple years, so you’ll save more now by taking advantage of them before they’re gone. Here are the current subsidies that you can benefit from:
A 30% off the price of a solar system can be deducted as a tax credit. The Federal Investment Tax Credit (ITC) is set to expire at the end of 2016, so use it while there’s time!
Massachusetts is among the country’s top leaders in fostering solar power. Find out what incentives are available.
Solar Renewable Energy Credits (SRECs) are certificates earned by producing renewable energy. These can be bought and sold on a renewable energy market like a commodity, with values subject to the usual supply-and-demand pressures of a marketplace. The SRECs you hold are directly proportionally to how much solar power you generate. Specifically, for every 1,000 kWh generated, you will earn one SREC. This translates into about $150-$270 of income which is guaranteed to be paid out every quarter for 10 years.
If you were financing a solar system, the additional SREC income will subsidize the monthly payments, making the cost of solar all the more affordable—and perhaps even profitable. If the market drives up the price of SRECs beyond the price of non-renewable energy, then you’ll earn more money selling solar than the savings you’re getting on your electric bill!
Homeowners and businesses can take advantage of governement incentive programs.
$1,000 State Tax Credit
Every Homeowner that purchases a solar electric system qualifies for a $1,000 state tax credit to use as a write-off against what is owed.
Solar Renewable Energy Credit (SREC) ProgramSRECs are certificates earned by producing clean, renewable energy. The homeowner can earn an estimated average of $150-$270 for every $1,000 kWh generated. SRECs guarantees that income is paid out every quarter for 10 years.
Solar Renewable Energy Credit (SREC) Program
SRECs are certificates earned by producing clean, renewable energy. The homeowner can earn an estimated average of $150-$270 for every $1,000 kWh generated.
Here’s another way for you to make money from solar: get someone else to go solar! With our referral program, we’ll pay you $500 for anyone you refer to us who installs a solar system with Boston Solar. They’ll save money by getting free energy and you’ll make money by leading them to it. It’s a true win-win! To refer someone you know, contact us now or fill the form below to make a submission.
*Residents of Naticks are not eligible to be referred while the Solarize Mass Natick is in effect. (They are already receiving special discount pricing).