Is Now The Right Time To Buy Solar Panels? | blog for 139.li

If you live in Massachusetts, the answer is a resounding yes!

On account of the many incentives at both the state and federal level for solar panels, there has never been a better time to go green with solar power. Almost all residential solutions are able to pay for themselves in about 5 years.

The typical installation cost on a 5 kilowatt solar panel system is just about $25,000. A system of this size should generate close to 6,000 kWh of electrical energy annually here in Massachusetts and provide almost sixty percent of the average residential household?s energy needs.

There?s a Commonwealth Rebate that will subtract $2,000 from the selling price. Additionally, for those who live in a modest residence or have a moderate salary, you are likely to receive an extra $2,000 reduction. Or if you were unfortunate enough to have your residence damaged during last year?s tornadoes, you shall be given an additional $5,000 off.

There?s also both national as well as Massachusetts state tax credits. The federal tax credit is currently a whopping 30% while the state credit is good for $1,000. Following the rebates coupled with the tax credits, you will be able to purchase a 5 kW solar panel system for about $16,000, even less if you should qualify for the moderate income or moderate home value adders. A complete system of that size here in Massachusetts will give you an average of somewhere around 80 dollars worth of electrical power monthly to get an annual cost savings of $1,000.

But the long-term profits derive from selling your system?s SRECs. Each megawatt hour (1,000 kWh) is worth 1 SREC and a 5 kilowatt solar panel array should probably produce nearly 6,000 kWh annually. Because the state has forced the utility companies to generate a specific amount of their total electricity from renewable techniques, they will be compelled to pay you about four hundred dollars for each of your six SRECs to say that you?re producing electrical power on their behalf. And so that?s a further $2,400 in tax-free revenue straight into your pocket each year. Now you can see how a $16,000 solar panel system can get paid in full in less than five short years considering that it brings in $3,400 annually including electric bill savings and SREC proceeds.

Solar panels are additionally one of the best home improvement options open to the Massachusetts home-owner. With a cost of $16,000, it will raise the value of your personal home by $20,000. That?s a 125% return on investment. Most home improvement projects will never pay for themselves wholly. Solar panels not only raise the value of your house more than they cost you, they will earn you money each year on top of everything else. They are even exempt from property taxes for the next 20 years.

And we should not forget the reason why these incentives exist at all ? to save the Earth. A five kW solar panel system will reduce your carbon footprint by more than one-hundred tons of carbon dioxide during the next twenty-five years, the equivalent of growing 800 trees. Year after year, it will prevent the equivalent of three tons of coal or 20,000 cubic feet of natural gas from being burned to create electricity.

Needless to say from all of the incentives currently offered that now truly is the perfect time for solar panels. The Commonwealth Rebate as well as the federal and state tax credits lessen your startup expenses. Plus the electric power savings as well as the SREC program supply significant income and also bolster your home?s resale value. Plus there is no way to tell how much longer these types of incentives are going to be in existence. The Commonwealth Rebate has already been lowered recently and the federal tax credit gets endangered each year.

Additionally, as this market grows, an increasing number of financing options are becoming offered to homeowners, making solar panels cost-effective for anyone. If you have always wanted to purchase solar panels, there really has never been a better time than the present!

Gary S. Best resides in Massachusetts and spent months researching the different incentives and financing alternatives before deciding to invest in a 5 kilowatt solar panel system in 2011. He has since put together an internet site, Mass Solar Info.com, educating residents about solar energy in Massachusetts in addition to providing them with a way to see solar company ratings, conveniently get no-cost estimates and save up to $500 off their own installation.

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