Is living a more sustainable lifestyle on your list of New Year’s resolutions? What about saving money? A solar panel installation can help you tackle both of these goals in the New Year!
If you’ve been considering a solar installation for a while, now is the time to take the first step. There are excellent solar tax credits and incentives available in 2023 to make your residential or commercial solar installation more affordable, and the planet needs us to take action now.
Here’s why so many Massachusetts homeowners and businesses will be going solar in 2023!
In the biggest climate news of the past year, the United States passed the Inflation Reduction Act of 2022 (IRA). The IRA allocates billions of dollars toward climate action and is the most significant investment the US government has made in climate change to date.
One of the most notable provisions of the IRA is the resurrection of the federal solar tax credit (also known as the solar Investment Tax Credit, or ITC) at its original 30% value. Thanks to the ITC, homeowners and businesses can reduce their federal tax liability by 30% of their total solar panel and/or solar battery installation costs, which can lead to significant savings. You can learn more about how to claim the ITC here.
The federal solar tax credit isn’t the only incentive you’ll qualify for if you go solar in 2023—there are several additional residential and commercial solar incentives in Massachusetts.
SMART (Solar Massachusetts Renewable Target) - A solar incentive in which utilities pay solar owners for every kWh of electricity they produce. SMART is a declining block incentive program, and the rate you receive depends on the block you fall into, with higher blocks receiving higher incentives.
Net Metering - Net metering allows solar owners to “sell” the excess electricity they produce to the grid in exchange for credit that can be used to buy power from the grid.
ConnectedSolutions - ConnectedSolutions is a battery storage incentive program that pays solar battery owners who allow the grid to pull energy from their batteries during peak demand times.
MACRS (Modified Accelerated Cost Recovery System) - MACRS is a depreciation system commercial solar owners can use to recoup their investments faster.
The sooner you install solar panels, the sooner you can take advantage of incentive programs! Plus, some incentives, like the SMART solar incentive, are time-sensitive; SMART blocks are already filling up, and the sooner you install solar panels and apply for the program, the more likely you are to qualify.
It’s hard to predict the future, but we know one thing about the coming year—energy costs are going up. National Grid is already expecting a 64% increase in residential electricity bills this winter. Producing your own energy with solar panels is the best way to save on electricity bills and avoid rising costs.
Even if you finance your solar installation (check out our financing options here), solar can help you save money and stabilize your costs. You’ll know exactly what your payment will be every month, instead of having to deal with fluctuating electricity costs, and you’ll be able to use the money you save on your electricity bills to pay off your installation costs. Once your installation is paid off, you’ll be generating electricity for free!
Check out our video on Winter Price Hikes here!
The Earth needs us to get serious about clean energy, and going solar is one of the best things you can do to help fight climate change. Burning fossil fuel for electricity production is the second largest contributor to carbon emissions in the United States. By making the switch to solar, you can significantly reduce or even eliminate your reliance on fossil fuel for power.
Go solar in 2023! Call 617-858-1645 or contact Boston Solar to schedule a free consultation. We are the leading solar installer near you in Massachusetts with over 5,000 completed installations.