Owning a solar system can be a very worthwhile investment, especially as we start to convert to all-electric homes with heat pumps for heating and cooling, inductive cooktops, and electric vehicles. The 30% federal tax credit dropped to 26% in 2020, and will fall to 22% in 2021, and 0% in 2022. Panel efficiency continues to improve. So if you can get your solar project done in 2020, you will make the most of the federal tax credit. We still have a state tax credit of $1000, and the MA solar loan program to help with financing. The SMART program is the state program that allows solar system owners to receive payments for 10 years after the installation of a solar system based upon how much solar is produced. We also have net metering, which allows us to take advantage of all the electricity we produce, and “bank” the excess that we produce in the sunny summer months.
With our outstanding municipal aggregation program Newton Power Choice, it is cheap and easy to select electricity that is backed by 100% renewables. But for maximizing long term benefits, residential solar can still add value to your home and provide six to eight year breakeven times.
Check out the Green Newton’s Solar FAQs to learn about going solar, or contact our solar partner Sunlight Solar at (781) 373-3263 to get a free quote, and please let them know that you are a Green Newton referral.