Massachusetts homeowners can save thousands of dollars by installing solar panels. The average residential energy bill rises by 3% per year, which can add up quickly. Extreme weather can increase energy costs further. These are the reasons solar panels have grown to be a popular energy source for homes throughout the state.
Massachusetts' average price for solar panels
The average cost for solar panels in Massachusetts depends on the size and type of equipment needed. Solar installations in Massachusetts typically cost between $10,007 to $15,395. If you live in a small home, you can expect to spend as little as $7,000, and if you live in a large home, you can expect to pay up to $55,953 for solar panels.
In Massachusetts, solar power is one of the most affordable states to install. According to the Environment Massachusetts Research and Policy Center a typical 5kW solar installation will cost between $9,300 and 31,000 (incl. tax credits and incentives). Even though solar panels can be quite expensive, it is usually cheaper and you can expect to reduce your energy bills by up to 40% over 20 years.
The most popular way to install solar panels in Massachusetts is to mount them on your roof. Some homes may not have their solar panels facing south or may be too shaded. Alternative mounting options will be required in these instances.
Massachusetts Tax Credits for Installing Solar Panels
If you're considering installing solar panels on your home, Massachusetts has an incentive program for you. Massachusetts offers a 15% tax credits for solar panels. The credit is transferable for up to three consecutive years. The program is intended to encourage solar installations and is funded in part by Eversource, Unitil, or National Grid.
You will be able to increase your home's value by installing solar panels. In addition, you will receive a 15% tax credit from the state for the installation. This credit may cover as much as $1,000 for the installation cost. Furthermore, solar installations are exempted form sales tax and property taxes. Your property taxes and sales tax will not increase in the first year. Massachusetts also offers a localized program in solar energy.
There are three forms of tax credits that can be used to install solar panels in Massachusetts. Massachusetts residents have the opportunity to earn a fixed rate for solar panels that produce 19 cents per kWh over a 10-year period through the SMART Program. Your system must be connected with one of the three investor-owned utilities to qualify. It will depend on which type of system you have installed.
Massachusetts Off-grid Solar Panels
Cost of off-grid Massachusetts solar panels is determined by many factors. These include the location and size of the panels, as well as labor costs. Massachusetts offers many incentives for installing solar panels, including a property and sales tax exemption. In addition, Massachusetts offers a tax credit that can reach $1,000. Solar customers in Massachusetts may also be eligible for the federal 30% credit.
Massachusetts permits homeowners to place solar panels on roofs. But there are limitations for certain neighborhoods, homeowner's associations and communities. The association board may need to approve solar panel installations. You might be asked by the board to hide or reduce size of solar panels.
Massachusetts residents can take advantage of a net-metering program that allows customers to sell excess electricity back to the power grid and receive credits towards their utility bill. The utility company will hold the credits and add them to your account, reducing your bill. These credits can be used to offset excess electricity purchased at night.