SunWind, LLC, has worked with hundreds of Cape home and business owners to offset their utility costs by improving their home or business’s energy efficiency, and there are many reasons why investing in a solar PV system makes sense for a growing number of people on Cape Cod. Because of the robust incentive programs in Massachusetts, we find that the majority of residential & commercial systems pay for themselves within 4-to-5 years.
The benefits of going solar are not just limited to contributing to the environment by generating clean energy, there are also many financial incentives in place that make going solar a lucrative investment.
For the majority of Cape homeowners, these incentives include a tax credit of $1,000 from the commonwealth of Massachusetts and a federal tax credit worth 26% of the cost of the system, decreasing to 22% starting January 1, 2021. If you live on Nantucket, there is an additional rebate of $4,000 that further lowers the up-front cost of going solar.
On top of that, there are savings provided by net metering. Simply put, net metering means that the homeowner is credited for any excess energy that is generated by the system, in effect spinning your meter backward, and that energy is to be counted against your electric bill. With a properly-sized system, you can offset your entire electric bill.
The Massachusetts Department of Energy Resources (DOER), in conjunction with the participating electric utilities, is setting their sights even higher for the most energy-efficient state in the nation by launching the Solar Massachusetts Renewable Target (SMART) Program. The SMART Program is a long-term sustainable solar incentive program sponsored by Eversource, National Grid, and Unitil. SMART will encourage the development of solar photovoltaic (PV) technology by supporting 1,600 MW of new solar generating capacity.
Massachusetts also requires that utility companies in the commonwealth invest a certain amount in renewable energy, allowing you to monetize your solar production in the form of credits that are paid out for each megawatt-hour (mWh) of energy produced over the first 40 quarters of operation. The additional revenue from SMART is substantial enough to provide a fast return on investment. SunWind facilitates the process of cashing in on SMART so you don’t have to worry about a thing.
We consult with each of our customers to discuss the best energy solution and financing scenario based on their budget, usage needs, and design preferences. We handle everything from the paperwork, design, walkthrough, installation, to getting the most out of your tax rebates.