Why 2022 Is the Year to Go Solar in Massachusetts
Jan. 05, 2022
Have you been thinking about going solar for a while now, but have yet to take the first step? We have good news for you—2022 is the perfect time to schedule your solar panel installation in Massachusetts.
The coming year offers excellent opportunities to save money, take advantage of solar tax credits, earn SMART solar incentives, and more. Here’s what Massachusetts homeowners and businesses have to gain by going solar in 2022:
1. Qualify for the 26% Solar Tax Credit Before It’s Reduced
When you install solar panels in 2022, you’ll be eligible for a 26% federal solar tax credit. Also known as the investment tax credit or ITC, the federal solar tax credit is one of the most lucrative solar incentives available in the United States and it can make your solar panel installation much more affordable.
The solar tax credit in 2021 and 2022 is worth 26% of your solar energy system’s total cost. But, it is set to be reduced. In 2023, the ITC will drop down to 22%. The following year (2024) it will be locked in at 10% for commercial solar indefinitely, and residential solar systems will no longer be eligible, unless it is extended.
To get the highest savings, you need to have your solar installation completed before the end of 2022. Boston Solar can help you qualify for the 26% solar investment tax credit if you act fast! Contact us to schedule an initial solar consultation.
2. Start Earning Money Through Solar Incentive Programs
Massachusetts offers some of the best solar incentive programs in the country. In 2021, residential customers who went solar in 2021 saved $472,800. Residential and commercial solar incentives in Massachusetts include:
Net metering allows you to sell your excess solar energy to the electric grid in exchange for credits which can be used to offset grid-generated electricity whenever you need more electricity than your panels are producing. Net metering can help you achieve negative electricity bills!
The MA SMART Solar Incentive Program
Through the SMART solar Massachusetts incentive, you won’t just save money, you’ll earn it. The Solar Massachusetts Renewable Target (SMART) program pays participants monthly incentives for generating solar energy. Residential customers can receive SMART incentives for up to ten years, and commercial customers can receive them for 20 years.
SMART is built on capacity blocks, with each declining block offering a lower incentive rate. To get into the highest possible block, you should get your solar installation underway ASAP. Boston Solar can help you submit a SMART application.
ConnectedSolutions incentivizes Massachusetts homeowners and businesses to install solar battery storage. The program helps stabilize the grid and prevent blackouts by pulling energy from participants’ solar batteries. You’ll receive a payment for any energy the utility takes from your battery, and there are limits to the amount they can pull.
Modified Accelerated Cost-Recovery System (MACRS)
MACRS is a method of depreciation that allows businesses to recover some of the costs associated with commercial solar installation and start profiting off their system sooner. Businesses can choose either a 100% first-year “bonus” depreciation or a 5-year depreciation schedule.
3. Protect Against Energy Price Hikes and Cut Costs With Monthly Electricity Savings
With news of gas and electricity prices soaring this winter in Massachusetts, one way to protect your wallet from future utility rate volatility is to go solar and start saving on energy costs. Solar panels can reduce your electricity costs, and potentially eliminate them altogether. Solar panels allow you to generate your own free electricity and they have a fast payback period, making solar a smart investment for businesses and homeowners.
When you combine the energy savings from your solar panels with the money you’ll earn through solar incentives, you’ll be able to reduce your household or business’s energy costs and help you generate additional streams of income or revenue.
4. Increase the Value of Your Home or Commercial Property
More and more property buyers are on the lookout for homes and businesses that have solar panels so that they can benefit from the system without having to install it. Because of this, installing solar panels is likely to increase the value of your home or commercial property and help it sell faster if you ever decide to put it on the market.
5. Reduce Carbon Emissions and Slow Climate Change
Remember what happened in Texas at the beginning of 2021? As we continue the fight against climate change and more extreme weather patterns, solar panels and batteries will play a crucial role in reducing reliance on fossil fuels and helping to stabilize the grid through lower demand.
Solar power is the cleanest source of renewable energy available to us. By installing solar at your Massachusetts home or business, you’ll also be helping protect the environment both locally and globally while reducing your personal carbon footprint and contributing to a cleaner energy future.
Make 2022 the Year You Go Solar in Massachusetts!
Take control of your own energy production this year with Boston Solar. We are a 100% locally owned and operated solar installer near you in Massachusetts, and we’ve installed more than 4,800 solar energy systems. We will help you through every phase of your transition to solar, from providing resources and support to designing and installing a custom solar system and helping you apply for solar incentives and tax credits. Learn more about us and how we can help you go solar in 2022!
Go solar in 2022 with a leading solar company near you in MA. Call 617-858-1645 or contact us to get started.