Are Solar Panels Free in Massachusetts?
May. 11, 2021
We would love to live in a world where free solar power for your home was a reality. When you own your own solar panels you can generate free renewable energy to power your home. But sadly, there is no such thing as free solar panel installation in Massachusetts, despite what you may have seen online.
But, there are ways to go solar with $0 down and be cash positive right away, so while you may not be able to get free solar panels in Massachusetts, you can enjoy the benefits of solar energy without having to spend a lot of money upfront. Here at Boston Solar, we’re committed to helping Massachusetts meet its renewable energy goals and we’re proud to recommend affordable financing options that make solar energy more accessible.
How to Get Solar Panels for $0 Down
With a solar lease, you can pay monthly to rent a solar panel system from a lease provider. You can sign a solar lease without putting any money down, and your monthly payments will likely be less than what you’re currently paying for electricity. However, solar leases do have drawbacks. Most notably, you won’t own the solar panel system, which means you can’t qualify for tax credits and incentives. Here at Boston Solar, we do not offer solar leases.
Most homeowners who are interested in affordable solar energy in Massachusetts opt for a solar loan. Solar loans allow you to finance your residential solar energy system. As the owner of your solar panels, you’ll be able to take advantage of solar incentives like the solar tax credit and SMART, offsetting your solar system installation costs.
You can find some solar loans that offer $0 down and have fixed monthly payments. Interest-free solar panel loans are not usually available, but there are many low and fixed-interest options. At Boston Solar, we recommend several financing options and can help you find a loan that works with your budget.
Save (or Make) Money With Solar Panel Tax Credits and Incentives
While free solar and solar batteries may be a myth, solar rebates and incentives are 100% real. Some of the best solar incentives available in Massachusetts include:
Formally known as the Incentive Tax Credit (ITC), the solar tax credit is one of the most lucrative solar incentives out there. The ITC allows homeowners and businesses to claim a federal tax credit worth 26% of their solar panel installation costs in 2021 and 2022, so while you can’t get solar panels installed for free, you can reduce your installation costs significantly with the ITC. But you’ll want to act fast to get the most savings—the solar tax credit will drop down to 22% in 2023 and be eliminated for homeowners in 2024.
Through the Solar Massachusetts Renewable Target (SMART) program, you can earn money for the energy your solar panels produce. As a SMART participant, you’ll receive a monthly payment based on the amount of energy your solar panels produce every month for ten years. A first-come, first-served block structure is used to determine your rate, and rates decline as the blocks fill up. When you go solar with Boston Solar, we’ll handle your SMART application for you and make sure you receive the best rate currently available.
With net metering, you can send any excess electricity that your solar panels produce to the grid and receive a credit from your utility company in exchange. You’ll then be able to use those credits to pay for grid-generated electricity whenever your solar panels are not producing enough energy. Thanks to net metering, many Boston Solar customers end up with negative electricity bills!
Get a Free Quote for Massachusetts Solar Panel Installation
Boston Solar is the #1 Massachusetts-based solar residential installer and we’ve completed over 4,500 solar installations. Our expert team is here to guide you through every step of your solar journey, from finding a financing plan that works for you to designing the best solar panel system for your home and setting you up for decades of energy savings. As a Massachusetts solar company, we’re well-versed in local solar tax credits and incentives and will help you qualify for as many as possible. It all starts with a free solar quote before you can start to generate free renewable energy. Contact us today to schedule yours.
How much does it cost to install solar panels in Massachusetts? Find out with a free, custom solar quote. Call 617-858-1645 or contact us here to schedule yours.