SunWind, LLC, has worked with hundreds of Cape residents to offset their utility costs by improving their home’s energy efficiency, and there are many reasons why investing in a solar PV system makes sense for a growing number of homeowners on Cape Cod. Because of the robust incentive programs in Massachusetts, we find that the majority of residential 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 30% of the cost of the system. If you live on Nantucket, there is an additional rebate of $2,500 that further lowers the up-front cost of going solar.
On top of that, there is the 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 backwards, and that energy is to be counted against your electric bill. With a properly-sized system, you can offset your entire electric bill.
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 SRECs (solar renewable energy credits) is substantial enough to provide a fast return on investment, but the program is slated to be replaced by the DOER’s SMART program, so the time to act is now to get in on this lucrative incentive. SunWind facilitates the process of cashing in on SRECs by partnering with Knollwood Energy, and our customers generated a total of 448 SRECs in 2016 alone.
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.