Want to lead Massachusetts's transition to solar energy?
After kicking off with a round of Tea, the Massachusetts Solar Party is now underway.
In the land of the Patriots, thousands of homeowners in Massachusetts have gone solar and switched away from foreign energy sources in the past few years. With some of the absolute best solar economics of any state in the U.S., Massachusetts is a leader in solar energy adoption and has set the standard for its neighbors across New England.
The economics of solar in Massachusetts are among the best in the entire country due to the presence of Renewable Energy Credits (commonly known as "RECs"), which allow local utilities to meet their mandated renewable energy requirements. The average solar system in Massachusetts typically creates 8-10 Renewable Energy Credits each year, with RECs currently valued over $250 each! These credits go to the owner of the system, so owning your system directly – with a Dividend Finance EmpowerLoan, for example – is incredibly important in Massachusetts.
Our customers in Massachusetts have installed home solar panels for a variety of reasons: to save money from Day 1, to help the local environment, to gain independence from the utility companies, to show off their sweet new panels to their neighbors. All of them have taken advantage of one of Massachusetts' great natural resources: the sun.
With great incentives and some of the most expensive utility prices in the country, Massachusetts is a perfect place for solar energy to shine.
Home Solar in Massachusetts Is More Affordable than Ever Before
- Federal Tax credit may be available
- Renewable Energy Credits (worth thousands of dollars!)
- Sell Your Extra Production with Net Metering
What Our Massachusetts Solar Customers Are Saying
I looked into solar energy services because I wanted to protect myself from rate hikes. It's been running three weeks and it's been good so far. I'm looking forward to the first bill that includes an entire month. Enrolling with Dividend Solar was easy because I really didn't do anything. I also like the dashboard, it's nice to be able to log in and see everything in one place.Tim | Gardner, MA
I'm 100% satisfied with my decision to go solar. Given my high utility bills, it made absolute sense financially to go solar with Dividend Solar. Their process was fairly easy and I didn't have any major problems to solve.Kannan | Dover, MA
How Going Solar in Massachusetts Works
Step 1: Sign up online
Step 2: Talk to a solar specialist
Step 3: Check out your custom design
Step 4: Relax during installation
Step 5: Watch your savings grow
Massachusetts is one of the top states to go solar and maximize your savings. Aside from saving money on your electric bill, there are two other key incentives that help solar in Massachusetts make sense: 1) the 26% federal tax credit, and 2) Renewable Energy Credits.
First, the federal government offers a 26% tax credit which is available in all 50 states. This credit is applied to the federal taxes you pay each year, thereby lowering the net cost of your solar system. This credit is a great benefit of going solar: money that you would otherwise pay in taxes can now be used to own your solar system sooner. It is important to note that you can only reap the benefits of the federal tax credit* – which can cover up to 26% of your system's cost – if you own your system directly (instead of leasing it or choosing a Power Purchase Agreement). With a Dividend Finance solar loan, you own your system and you get all of the economic benefits of going solar in Massachusetts.
Secondly, Massachusetts offers Renewable Energy Credits which can generate tens of thousands of dollars of cash savings in addition to your utility bill savings. For more information on RECs, please see the next question!
*Dividend Finance does not provide tax or legal advice. Please consult your tax advisor for more information.
In Massachusetts, the typical solar energy system will produce between 8-10 megawatt hours of electricity each year, and every 1 megawatt hour of production also generates 1 Renewable Energy Credit ("RECs"). RECs can be sold to utility companies which allows them to meet their required quota of renewable energy production. It is very simple to sell RECs, and we offer an easy way to lock in REC payments for 5 or 10 years with a contract through one of our partners.
From a homeowner's perspective, Renewable Energy Credits are an additional source of savings that can add thousands of dollars of cash savings each year – on top of your utility bill savings! These RECs are a key driver of the economic benefits of going solar in Massachusetts, and help homeowners save money immediately.
The combination of Renewable Energy Credits, the 26% Federal Tax Credit, and the ability to offset the high cost of electricity from your utility company make going solar in Massachusetts a home run (either over the Green Monster or the Pesky Pole).
When you begin to generate your own solar power, your utility bill can drop significantly. How much you can save will depend on the size of your solar system, your electricity usage, your current utility rates, and other factors. Our team and partners can design a system for you using remote assessment tools and can present you with a system designed specifically for your home to give you a sense of your expected solar savings.
Working with the best solar installers in Massachusetts, Dividend Finance offers its customers a better, simpler way to go solar and reduce their utility bills.