Are Solar Panels Free In Massachusetts

Solar panel cost in massachusetts.

Are solar panels free in massachusetts.

Massachusetts solar tax exemptions. Don t be discouraged by the new england weather most experts agree that massachusetts is an excellent location for harnessing solar resources. Massachusetts is probably one of the best places to get solar panels for free using a power purchase agreement. With massachusetts electricity prices rising 18 in the past year residents are looking for a lower cost alternative to their utility.

However the experts agree that massachusetts is an excellent location for solar systems. Currently massachusetts solar panels produce enough energy to power 131 000 homes ranked fourth in the nation for the amount of solar installed over the past year and sixth for its cumulative 806 mw of installed solar capacity it s clear that solar is here to stay in ma. A federal tax credit allows you to deduct up to 26 of the cost of a solar panel system from your taxes although this percentage will decrease in 2021. Being one of the best states for incentive in renewable energy it is no wonder that solar power companies are taking advantage of this.

The rps requires 15 percent of electricity to come from class i renewable resources by 2020 including a mandated target of 1 600 mw of solar. Given a solar panel system size of 5 kilowatts kw an average solar installation in massachusetts ranges in cost from 13 515 to 18 285 with the average gross price for solar in massachusetts coming in at 15 900. Buying solar power out right or financing yourself would be a great option as well. This is 2 87 per watt.

As of september 2020 the average solar panel cost in massachusetts is 3 18 w. Massachusetts solar panel tax credits policies. 2 in massachusetts you can also receive 15 of the system cost as a credit against your state income tax up to 1 000. There are two major tax exemptions for solar homeowners to note in addition to the income tax exemption.

Solar panels in massachusetts are free in the sense that your solar payment will be lower than your energy costs right from the start. Many people have the misconception that solar pv systems do not work in massachusetts due to new england s diverse weather conditions. The average cost for an installed residential solar system in massachusetts is currently 12 756 after claiming the 26 federal solar tax credit. The path to meet this goal is paved with policies incentives grants and tax benefits for residents and businesses that make the switch to sun based energy.

Since 2002 massachusetts electricity providers have been working to meet and exceed the state s renewable portfolio standard rps.