The cost of energy in Massachusetts is rising drastically each year. Ranked third in the U.S. for the highest cost of energy, the Bay State’s electricity prices are only behind that of Hawaii and Connecticut. It’s predicted that these costs will continue to rise, leaving many homeowners looking for a sustainable and affordable solution.
Luckily, Massachusetts has a viable alternative: residential solar power.
Currently, Massachusetts solar panels produce enough energy to power 131,000 homes! Ranked fourth in the nation for the amount of solar installed over the past year and sixth for its’ cumulative 806 MW of installed solar capacity, it’s clear that solar is here to stay in MA. Not only has the solar industry taken off, it’s also giving homeowners an alternative to traditional energy sources and costs.
This is the price you would be paying after the incentives and rebates have been applied. The price of solar has decreased substantially over the past decade.
Keep in mind that Massachusetts’ progressive solar policy have allowed for the creation of many incentives, loans and grant programs, which can further offset your initial cost. In addition, Massachusetts supports net metering – a policy which directs utilities to credit a homeowner for any additional energy their panels produce that they don’t need.
Since 2013, solar prices have decreased by 40%
Solar prices have dropped drastically over the past few years, and are still going down.
Why are the prices for solar decreasing?
The price of manufacturing solar panels and equipment has dropped, which in turn decreases the cost of Massachusetts solar systems. In addition, the technology continues to advance, making installation time shorter and more convenient for homeowners.
The size of the average home solar system has almost doubled in size over the past 7 years. Today, the average system size in Massachusetts is 7.4 kW, compared to 4.1 kW in 2008. Installation sizes have increased so much over the past few years because solar has become much more affordable. Larger systems are now financially feasible and can provide more power for your home.
Choosing solar makes sense, especially if you live in Massachusetts since the state currently has the third highest rate for energy in the entire country.
Even more alarming: the 19.52 price reflects a rising cost. In June of 2014, MA residents were only paying 16.62 cents per kilowatt hour. Seeing the cost of energy increase by 17% in just one year is a staggering statistic, and it emphases the reality of skyrocketing energy prices.
MA residents stand to save more because they already spend more on their electricity bills. All energy needs are not equal for every region, and all energy costs are not equal across the U.S. For example, homeowners in MA need to heat their homes during the winter, which requires more energy than homes in the more temperate Southwestern states. North easterners also may need to have lights on indoors on cloudy days, a rarity for the sunnier states.
Residents in Massachusetts are already paying more for electricity, and may be using more on average per year than for example, California. As a result, those who switch to solar in MA are likely to see greater energy savings, regardless of whether their installation covers all or a majority of their energy needs.
This is the single most important factor to consider when evaluating your solar options, and one that many people in the northern states may not realize.
Before deciding if solar panels are the right financial fit for your wallet, it’s a good idea to understand what affects the level of energy produced by your solar panels. The essential questions to consider are: how much energy will you be able to produce and how much money will you subsequently save?
All areas do not receive equal insolation. Solar insolation is the measurable amount of energy that is received by the sun. It’s also a deciding factor for how much energy you could produce with solar panels on your home. Massachusetts receives approximately 4-5 kilowatts per hour. In comparison, the Southwestern United States receives over 5 kilowatts per hour. While this is higher than that in MA, it’s not a dramatic difference, and it’s important to understand that solar panels in the northeast can still be productive enough to cover many homes’ energy needs.
One of the great things about solar energy is that it’s a viable option even when solar insolation is on the lower end.
Massachusetts has welcomed solar power. In order to help make the transition even more attractive and attainable, the state and federal governments have provided multiple incentives and tax breaks for property owners who decide to install solar power in Massachusetts.
This is by no means a conclusive list of the benefits and incentives available for converting to solar in Massachusetts, but it gives you a good idea of the main incentives and rebates that are available to homeowners.
If you’re unsure whether you want to purchase solar panels outright, check out the other ways you can fund your switch to solar.
There are a variety of financing options available to homeowners who are interested in installing solar panels in Massachusetts. Here, we briefly cover your choices:
Thankfully, the Bay State supports all of these payment choices for residential solar power. Having a variety of options to choose from makes the switch to solar much simpler and more affordable than ever before. The more people move towards solar in Massachusetts, the cleaner and cheaper the energy available state-wide becomes.
Interested in getting exact prices for the cost solar for your home? Get competitive solar quotes from qualified, trusted installers in your area. To see an estimate for how much you could expect to save and how much a solar system would cost, try our solar calculator.