5 Reasons Why Now is the Best Time to Go Solar

26 Jun 5 Reasons Why Now is the Best Time to Go Solar

The cost to install solar has decreased by more than 70% over the last decade and prices continue to fall, making it among the cheapest sources of electricity available. You might think it would be best to wait for costs to go even lower, but there are no guarantees prices will continue to drop. We put together a list of the top five reasons why now is the best time to go solar.

1. Federal Tax Credits

Currently, there are unprecedented tax credits available for going solar. 2019 is the last year the Federal Renewable Energy Tax Credit will cover 30% of your entire solar install. The tax credit will continue to be available over the next few years but will decrease to 26% of the system in 2020 and 22% in 2021. You can still receive the 30% tax credit as long as your new system is installed by December 31, 2019.

2. Local Incentives

States are also offering amazing incentives to make going solar easy and affordable. Massachusetts is offering a $1,000 state tax credit for going solar, as well as several solar loan options designed to meet your personal needs. The state’s most recent incentive development is the launch of the SMART program, which pays Eversource, National Grid, and Unitil customers for energy generated at a fixed, per kilowatt hour (kWh) rate for 10 years. The rates range from 29-31 cents per kWh depending on location and when you sign up. The rates decrease as space fills up, so the sooner you get started the better.

Recently, Municipal Light Plant (MLP) districts across Massachusetts have invested hundreds of thousands of dollars into a rebate program to help residents switch to solar. These MLPs are currently offering up to 50% rebates on the entire solar energy system. However, these funds are available on a first-come-first-serve basis and the amounts available differ from one MLP to the next.

Rhode Island is offering its own incentives, most notably the Renewable Energy Growth program. Participating residents receive 28.45 cents for every kWh they sell to the grid for the first 15 years their system is in operation – a step-up from the normal retail rate of 19 cents per kWh.
Going solar has never been more affordable with these local incentives adding to the savings!

3. Smart Investment

Though it may appear to be an expense, solar energy is one of the best new ways to invest your money. The return on a solar investment in many states, including Massachusetts, surpasses the benefits of many stock and bond investments. Most of these homeowners will see an average ROI of between 10-30% annually. As the cost of electricity continues to increase, which it has done historically year over year, the ROI will continue to increase with it.

4. Support a Clean Environment

Does going solar really make a difference for the environment? How much of an impact can one home going solar really have? We’ll tell you: The average U.S. household uses about 900 kilowatt-hours (kWh) per month. By using solar energy instead of traditional sources, that home can offset the CO2 emissions of over 8300 pounds of burned coal every year!

Generating electricity with solar panels is completely carbon-neutral, making it a zero-emission energy source and better for the environment overall. In 2010 the electricity and heating sector contributed the most emissions of any source globally. Using solar as opposed to non-renewable energy sources helps decrease air pollution, which can cause diseases such as asthma. Solar energy lowers the amount of CO2 in the atmosphere, which is responsible for increasing temperatures, rising sea levels, ocean acidification, and the increasing frequency of extreme weather across the world. Going solar is not only an investment for your wallet but for the environment as well.

5. Energy Independence

Producing your own electricity is an investment in your own independence! When you have solar power, you avoid the variability of the energy market. The rising costs of electricity can increase people’s electric bills unexpectedly and there’s no other way to control it than to generate your own. When you are producing your own energy, you are no longer subject to fluctuating electric rates. You can also bring your energy independence to the next level with the addition of battery storage, like the LG Chem battery, for example.

As more homes and businesses adopt the use of solar, this also decreases the need for importing fossil fuels from other countries. Going solar can save you tens of thousands of dollars over the life of the system, which means more money going to your bank account instead of the utility company!

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