Massachusetts is one of the easiest states in the union in which to get solar powered electricity to your home or business. The state is working toward accessing 25 percent of its entire annual energy consumption from renewable resources, including solar photovoltaic (PV) energy, by 2030. With state and federal cost-reduction incentives, innovative programming and great tax breaks, both the appeal and the viability of solar powered energy are closer than ever to every Massachusetts home and business owner.
Owning your system
Acquiring a PV system includes the design (unique to the location), the installation and the connection of it to the grid. Purchasing the system outright offers the best return on investment because your savings begin immediately. A Federal Incentive Tax Credit reduces the cost of the purchase by 30 percent, and the state also offers a personal tax credit and a sales tax exemption to further reduce the purchase price. A property tax exemption means you don’t pay taxes on the increased value of your newly solar-powered home. Net metering offers the potential of earning money by selling the excess electricity produced by your system back to the grid.
You can, of course, pay cash to purchases your system. However, because that may be difficult for some homeowners, financing your purchase in Massachusetts comes with excellent terms. Banks that provide the Mass Solar Loan Program can offer an interest rate of less than 3 percent on loans between $3,000 and $35,000. The payback period can be for as long as 10 years when the principle is more than $15,000. And the loan program allows readjustments of the terms in the event of changes in state and federal tax credits.
Buying just the solar power
If you don’t want to purchase an entire PV system, Massachusetts is one of the states where you can purchase just the electricity itself. Known as a Power Purchasing Agreement (PPA), this option allows you to purchase solar powered electricity from a third party. As that third party, RGS Energy will connect your home to RGS-owned solar equipment and charge you a fixed rate per kilowatt-hour (kWh) for as long as 20 years. For qualifying homeowners, there are no upfront costs for installation of the system, and homeowners begin saving money the moment the system is turned on. Your monthly bill will rise and fall only by the amount of kWhs that you use.
Massachusetts is invested in solar power for its future. RGS Energy makes it easy for you to join the movement. To learn more about your solar power options, visit rgsenergy.com.