Is Now The Perfect Time For Solar Panels
If you live in Massachusetts, the answer is a convincing yes!As a result of the variety of incentives at both the state and federal level for solar panels, there has never been a better time to go green with solar energy. Nearly all residential solutions have the ability to pay for themselves in less than five years.The sticker price for a five kilowatt solar panel set up is around $25,000. This system is going to generate just about 6,000 kWh of power annually here in Massachusetts and supply over sixty percent of the normal residential household's electricity requirements.There is a Commonwealth Rebate that will deduct $2,000 off the top of the price. Moreover, for those who reside in a modest residence or have a moderate salary, you most likely will be given another $2,000 off. Or in case you were unfortunate enough to have your residence damaged during last year's tornadoes, you will be given an additional five thousand dollars reduction.You will also be given both federal and Massachusetts state tax credits. Currently the IRS tax credit sits at a massive 30% while the state credit is good for $1,000. Following the rebates together with the tax credits, you will be able to invest in a 5 kW solar panel array for $16,000, even less should you receive the moderate income or moderate home value adders.A system of that size in Massachusetts should provide an average of somewhere around $80 worth of electricity monthly to get a yearly savings of $1,000.But the best long-term profits come from selling your system's SRECs. One megawatt hour (1,000 kWh) is worth 1 SREC and a 5 kilowatt solar panel array should probably yield nearly 6,000 kWh yearly. Since the state has compelled the utility companies to generate an explicit percentage of their electricity using renewable techniques, they will be compelled to provide you with around $400 for every one of those six SRECs so they can say that you are producing electrical energy on their behalf. Thus that's another $2,400 in tax-free revenue straight into your bank account annually.Now you can understand how a $16,000 solar panel system can easily be paid in full in slightly less than five short years when it nets $3,400 annually including electricity savings together with SREC income. Solar panels can also be one of the better home improvement options open to the Massachusetts home-owner. For a cost of $16,000, it should increase the value of your own home by $20,000. That happens to be a 125% return on investment. Nearly all home improvement projects don't ever pay for themselves fully. Solar panels not only increase the value of your residence more than they can cost you, they are able to earn you money each year in the process. They are even exempt from property taxes for 20 years.And additionally we should keep in mind the main reason each of these stimuli exist in the first place - to save our planet. A 5 kilowatt solar panel system is going to slash your carbon footprint by about one-hundred tons of carbon dioxide over twenty-five years, the equivalent of planting 800 trees. Every year, it will prevent the equivalent of around three tons of coal or 20,000 cubic feet of natural gas from being burned to produce electrical energy.Needless to say from all of the incentives currently at your disposal that now unquestionably would be the perfect time for solar power. The Commonwealth Rebate together with the federal and state tax credits cut down on your startup expenses. Plus the electricity savings and also the SREC program add significant revenue and boost your home's resale value.Plus, there's no way to tell how much longer these stimuli will be around. The Commonwealth Rebate has already been reduced once plus the federal tax credit is threatened annually.Additionally, as this industry matures, a growing number of financing approaches are becoming available to homeowners, making solar power cost-effective for everybody. Without a doubt if you've always wanted to buy solar panels, there has certainly never been a more rewarding time than now!
