How solar puts cash in your pocket
- A rooftop solar system can slash the typical residential electric bill by well over $100 per month. (Contact us for commercial savings)
- These savings can pay for the system cost in as little as 4-6 years— after which you enjoy not only free electricity, but you get paid for any excess electricity your solar system puts into the power grid!
- In many states, including Massachusetts, when your solar energy system produces more than you need, the power company must buy that extra electricity from you!
- A Lawrence Berkeley National Lab study found that a solar system will add an average $17,000 to the home's market value. Should you decide to sell your home, that's nearly enough to recoup the installed cost of the panels.
- That extra home value is exempt from property taxes.
- Solar equipped houses sell 20% faster than comparable homes, a great advantage in any real estate market.
- Some states award Solar Renewable Energy Credits (SRECs) to producers of clean energy.
- You earn one SREC for every 1000 kWh of electricity your solar system produces.
- Sell your earned SRECs to the utility for cash (at an average price of $270 per credit).
- The Federal government has extended the Solar Investment Tax Credit (SITC) of 30% on solar installations through 2023. This is not a deduction, but rather a dollar-for-dollar reduction in your Federal income taxes. In effect, the SITC reduces your solar system cost nearly one-third.
- There are additional federal, state and local solar tax incentives that our energy specialists can outline for you.
The answer depends on a number of factors including, but not limited to, the following:
- The state and local incentives
- Direction and pitch of your roof modifies how much electricity your system will produce
- The financing options in which you have selected
- If you are purchasing the system outright, then the solar savings sample to the right, provide an illustration of the costs and incentives one would receive for a solar system that produces 5kW
|System Production, kilowatt-hours||6150 kWhrs|
|Annual Electric Savings
($0.18/kw electric rate)
| Annual SREC Income
|Total Annual Income||$2,747|
|Cost of system||$22,000|
| Less 30% Federal Tax Credit
Less MA Credit
|Cost after tax credit||$13,800|
| Return on Investment