New England Solar programs providing little known rebates and incentives
As we move into 2023, many people in New England are considering whether solar is worth it. While the cost of solar panels has decreased significantly over the past decade, the upfront investment can still be significant. However, there are many solar programs available in New England that provide little-known rebates and incentives that can make solar more affordable and financially viable for homeowners and businesses.
First, let’s look at the benefits of solar. Solar panels allow you to generate your own electricity and reduce your dependence on the grid. This means that you can save money on your electricity bills over time, and potentially even earn money by selling excess energy back to the grid. Solar also reduces your carbon footprint, which is great for the environment.
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Discover Incentives and Rebates Available to Help Homeowners Save With Solar
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With no upfront costs for service or installation, you can start saving from day one. Solar panels are 70% cheaper today than they were 10 years ago, which means millions of homeowners that could not previously afford to do so are switching to solar. Solar panels can significantly reduce your cost of energy.
Rebates & Incentives
In order to get more people to switch to clean solar energy the federal and state governments are highly incentivizing homeowners who live in specific zip codes to go solar with $1000’s of dollars in rebates and incentives that can cover 100% of the costs associated with a new solar panel installation.
Why Go Solar?
Solar panels are an economical way for homeowners to lower their electric bill, increase their property value, and help the environment. Instead of paying electric companies top-tier costs for energy, solar panels allow you to lock in a low energy rate and save thousands year after year!
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Now, let’s look at the rebates and incentives available in New England. One of the most significant programs is the Solar Massachusetts Renewable Target (SMART) program, which provides financial incentives for solar installations. The program provides payments based on the amount of energy generated by the system, as well as bonuses for systems installed in low-income or environmental justice communities. The program is expected to run until 2028, so there is still time to take advantage of it.
Other states in New England also offer solar incentives, such as the Residential Renewable Energy Tax Credit in Connecticut, which provides a 30% tax credit for solar installations. Rhode Island offers a performance-based incentive that pays homeowners and businesses based on the amount of energy generated by the system, while Maine offers rebates for solar installations through the Efficiency Maine program.
In addition to these state programs, there are also federal tax incentives for solar installations. The federal solar tax credit, also known as the Investment Tax Credit (ITC), provides a 30% tax credit for solar installations through 2032. This is a significant incentive that can make a solar installation much more affordable.
So, is solar worth it in 2023? The answer is yes, especially in New England where there are so many rebates and incentives available. While the upfront cost of solar panels can still be significant, the long-term savings and environmental benefits make it a smart investment. With the added benefits of these little-known programs, solar can be even more financially viable for homeowners and businesses.
If you’re considering solar, be sure to do your research and find out what rebates and incentives are available in your area. Talk to a reputable solar installer and ask them about these programs. With the right information and support, you can make an informed decision about whether solar is right for you in 2023.