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If you live in Massachusetts, the answer is a resounding yes!

On account of the many incentives at both the state and federal level for solar panels, there has never been a more rewarding time to go green with solar power. The vast majority of residential units have the ability to pay for themselves in about five short years.

Currently the installation cost for a five kW solar panel system is just about $25,000. This system is going to generate somewhere around 6,000 kWh of electrical energy annually here in Massachusetts and supply close to 60 percent of the standard residential household’s electricity requirements.

There is a Commonwealth Rebate that will deduct $2,000 off the top of the price. Additionally, if you happen to live in a moderate residence or earn a moderate wage, you are likely to receive another $2,000 reduction. Or if you happen to have been unlucky enough to have your home damaged in last year’s tornadoes, you will receive a further $5,000 reduction.

There also are both national and state tax credits. The IRS tax credit sits at a massive 30% and the state credit is good for $1,000. Following the rebates and tax credits, you will be able to invest in a 5 kilowatt solar panel array for about $16,000, less if you should qualify for the moderate income or moderate home value adders.

A system of that size in Massachusetts ought to provide an average of close to 80 dollars worth of electricity monthly for an annual cost savings of $1,000.

But the long-term profits derive from the sale of your SRECs. Each megawatt hour (1,000 kWh) is equivalent to one SREC and a 5 kilowatt solar panel array ought to generate just about 6,000 kWh annually. Because the state has compelled the electricity companies to produce an explicit percent of their total electrical power using renewable methods, they will provide you with around $400 for each of those six SRECs to say that you are generating electrical energy on their behalf. And so that’s another $2,400 in tax-free income right into your bank account each year.

Now you can have an understanding of how a $16,000 solar panel system can easily be paid off in less than five short years considering that it earns $3,400 annually including electricity savings together with SREC revenue.

Solar panels are additionally one of the best home improvement options available to the Mass. home owner. With a price of $16,000, it will increase the worth of your residence by $20,000. That happens to be a 125% ROI. Many home improvement projects won’t pay for themselves totally. Solar panels not only raise the value of your house above what they can run you, they are able to make you money every year in the process. They are even exempt from property taxes for 20 years.

And let us not forget the reason why all of these stimuli exist to begin with – to save our planet. A 5 kilowatt solar panel system is going to slash your carbon footprint by over 100 tons of carbon dioxide over twenty-five years, the equivalent of planting 800 trees. Each year, it is going to prevent the equivalent of about 3 tons of coal or 20,000 cubic feet of natural gas from being burned to produce electrical power.

Needless to say from all of the incentives presently at your disposal that now indeed would be the right time for solar power. The Commonwealth Rebate together with the federal and state tax credits trim down your initial expenses. And the electricity savings and the SREC program supply significant income and bolster your home’s resale value.

Furthermore there is no way to know how much longer these types of stimuli will be available. The Commonwealth Rebate has already been reduced once plus the federal tax credit gets endangered every year.

Lastly, while this market matures, a growing number of financing alternatives are becoming available to homeowners, making Solar Energy cost-effective for everybody. Without a doubt if you’ve always desired to buy solar panels, there’s never been a more rewarding time than the present!

Gary S. Best resides in Massachusetts and spent months investigating the different incentives and financing options prior to deciding to invest in a five kW solar panel system in 2011. He has since started a website, www.MassSolarInfo.com, educating residents about solar energy in Massachusetts and providing them with a means to easily get free estimates and save as much as $500 off their own installation.