In addition to the 30% Federal Tax Credit, solar incentives available to Massachusetts residents can greatly reduce the cost of going green.
Massachusetts State Rebates
As of January 1, 2009, all solar electric and solar thermal installations are eligible for a 15% state tax credit capped at $1000. An additional moderate-income or moderate-home-value adder is applied if the homeowner makes equal to or less than the average in their specific county or if the home is valued at or below the average value in that particular county. In these situations, the homeowner is eligible for an additional $2000 rebate.
SRECs (Solar Renewable Energy Credits) are quarterly paychecks provided to residential and commercial properties that produce green energy. Depending on the market, the credits are sold for about $200-$450.
1,000 kWh of production = 1 SREC
For example, a 5kW solar array will produce approximately 6200 kWh a year. Take 6200/1000 = 6.2 SRECs. With this example, you will be able to sell 6 credits a year for 10 years at the quarterly traded market price. These payments significantly contribute to the break-even period of a solar array.
Visit MA SRECs and for the current price and to research the SREC market.
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