If you live in Massachusetts, the answer is a convincing yes!
On account of the variety of incentives at both the state and national level to purchase solar panels, there really has never been a more rewarding time to go green with solar power. Nearly all residential solutions can pay for themselves in less than five short years.
The Massachusetts Commonwealth Rebate II will deduct $2,000 off the top of that selling price. Additionally, if you live in a moderate home or have a moderate income, you should receive another $2,000 off. Or if you happen to have been unlucky enough to have your residence damaged in last year’s tornadoes, you will receive an additional $5,000 reduction.
You'll also be given both federal and state tax credits. Currently the IRS tax credit sits at a fantastic 30 percent and the state credit is good for $1,000. After the rebates and additionally the tax credits, you'll be able to purchase a 5 kilowatt solar panel system for only $16,000, less if you happen to receive the moderate income or moderate home value adders.
A system of that size here in Massachusetts will give you an average of close to $80 worth of electrical power monthly to get an annual cost savings of $1,000.
But the best long-term revenues come from auctioning off your system's SRECs. One megawatt hour (1,000 kWh) is worth one SREC and a 5 kilowatt system should probably emit nearly 6,000 kWh yearly. Because the state has forced the utility companies to produce a certain percentage of their electrical energy using renewable methods, they will be compelled to provide you with about four hundred dollars for every one of your 6 SRECs to say that you're producing electrical energy for them. So that’s another $2,400 in tax-free income right into your pocket every year.
Now you can understand how a $16,000 solar panel array can get paid off in less than 5 years as it brings in $3,400 annually including electric bill savings coupled with SREC proceeds.
As far as home improvements go, solar panels are one of the best possibilities open to the Mass. resident. For a price of $16,000, it should up the worth of your home by $20,000. That is a 125% ROI. The vast majority of home improvement projects never pay for themselves fully. Solar panels not only raise the worth of your own residence in excess of what they can cost you, they will earn you money every year on top of everything else. They're also exempt from property taxes for 20 years.
And additionally let us bear in mind the main reason these types of stimuli exist to begin with – to save our planet. A five kilowatt solar panel system will reduce your carbon footprint by at least one-hundred tons of carbon dioxide over twenty-five years, the equivalent of planting eight hundred trees. Each and every year, it is going to prevent the equivalent of around 3 tons of coal or 20,000 cubic feet of natural gas from being burned to create electrical power.
As you can see from all the stimuli currently at your disposal that right now indeed would be the best time for solar panels. The Commonwealth Rebate and the federal and state tax credits lessen your initial expenses. Plus the electric power savings together with the Massachusetts SREC program add significant income and also boost your home’s resale value.
Furthermore there is no way to tell how much longer all of these stimuli are going to be around. The Commonwealth Rebate has already been decreased recently and the federal tax credit gets threatened each year.
Lastly, as this market matures, a growing number of financing options are becoming offered to homeowners, making solar energy economical for everyone. Without a doubt if you've always desired to get solar panels, there has never been a more rewarding time than the present!
