Does It Make Sense to Install Solar Panels in Massachusetts?
If you live in Massachusetts, you may have heard that solar power is the way of the future. With all the talk about climate change and what we can do to reduce our carbon footprint, it’s no wonder that many people want to take advantage of solar energy.
But does solar power make sense in Massachusetts? And what are the options available to homeowners who want to install solar panels on their homes?
The good news is that yes, solar power does make sense for Massachusetts residents. The state has a lot of sunshine per year and electricity prices are high (among the highest in the country in fact). That means it’s a good time for homeowners to consider going solar!
First things first: if you want to know whether installing solar panels makes financial sense for your home, you can get a solar savings estimate here. We’ll factor in the state and federal incentives (like the 30% federal tax credit) and share all of the potential costs and savings up front. So you’ll know exactly what to expect when you go solar.
The Short Answer – Yes! Solar Panels Absolutely Make Sense in Massachusetts. Here’s why:
Massachusetts is a great place for solar power. It gets a lot of sun and has extremely high electricity prices. That’s enough to make it one of the very best states for solar power in the country. Let’s talk about the electricity prices:
Electricity Prices in Massachusetts – How do they compare?
Massachusetts is one of 11 states that has deregulated their electricity market, meaning the price you pay for power depends on your provider and your retail contract. Many Massachusetts residents just saw a 64% increase in their electric rates. And, there are talks of another increase coming in 2023.
Compared to the national average, MA residents pay double for their electricity. Yep, you read that right — DOUBLE! Energy Rates tool. So, how do Massachusetts homeowners protect themselves from rising electric rates? Solar power!
Solar Power Protects You from Rising Electric Rates
Your solar panel system is designed based on the amount of electricity that your home uses. Once we determine exactly how many kilowatt-hours of electricity that you use, we design a solar panel system that will produce the same amount of power. This reduces your reliance on the electric company. In most cases, we are able to eliminate the electric bill altogether and all of your usage will come from the production of your solar panels.
So you will essentially be swapping out your monthly electric bill for a lower – and price-protected – solar panel payment. As the utility companies increase their rates over their years (as they have for the past 25 years), your solar panel payment stays the same. And since you own your solar panels, once you pay them off, your monthly bill goes away for good!
Now let’s talk about the savings…
How Much Can You Expect to Save with Solar Panels in Massachusetts?
The savings vary from home to home based on things like electricity usage and the roof’s solar potential. However, most homeowners in Massachusetts typically save between 30%-50% compared to their average electric bill. So what does that mean? That means if you were paying the utility company $100 a month for electricity, you could expect your solar panel payment to be between $30 and $50 lower — and your electric bill is gone for good!
How? You ask? It’s a combination of the high electric rates that we see in Massachusetts and the federal and state-wide solar programs we get from the government to go solar. The Federal Solar Tax credit just got bumped from 26% to 30% in 2022. So that is a tax credit of 30% of the total cost of your solar panel system – that’s nearly a third of the cost of the system. This increase is a huge bump in savings that can make the monthly payment even lower.
If you want to see how much you could save if you went solar, click the link below and we can take a look at your electricity usage and your home’s solar potential.
It’s as Simple as That!
Massachusetts is one of the best places in the country to install solar panels. The electricity prices are super high – and they continue to go up. Solar panels have become more affordable to the point where most people in Massachusetts are seeing savings the very first month they put the panels up.
We hope you found this article helpful! Know someone considering solar panels in Massachusetts? Send this to them!