The Financial Benefits of Solar Energy
Solar Savings
Affordable solar is more of a reality than you may think! Cotuit Solar is with you every step of the way. We typically see a 4-7 year payback on investment. This is one of the reasons we believe direct ownership of solar is the best investment our customers can make. With the new Solar Loan available, going solar has never made more financial sense. With direct ownership, YOU take the tax & energy credits, not the leasing company. As a result, most of our customers are cash positive at the end of year one!
With over 30 years of solar installation experience, our dedicated team works to make affordable solar a reality for you! Call us today 508-428-8442 to take advantage of the solar incentives before they are gone!
Incentives
Below is a list of the current available solar incentives. For additional information, please visit the Database of State Incentives for Renewable Energy as well as the Department of Energy Resources (DOER).
Federal Tax Credit
Available for residential or commercial installations. This is a 26% credit for the gross cost which will be applied to the tax year during which your system is completed and can be carried over to subsequent years. The credit is set to decrease to 22% at the end of 2020. Here is a link to the tax form 5695 for the credit. Download the Federal Tax Credit Form.
$1,000 State Tax Credit
This is a one-time tax credit available for primary residences only. Any excess credit amount may be carried over to the next 1-3 taxable years.
$4,000 Local Solar Rebate for Nantucket
In July 2017, the Town of Nantucket launched a local solar rebate program intended to stimulate the adoption of solar energy systems on primary, residential properties located on island. Rebates of up to $4000 are available to cover a portion of the costs of successfully installed solar photovoltaic systems.
Click here to learn more.
SMART or Solar Mass Renewable Target Incentive Program
The SMART Program is a statewide solar PV incentive program administered by the Massachusetts Department of Energy Resources (DOER). Under SMART the utilities will pay a fixed incentive rate for every kWh your PV system produces. The rate offered will decline as the program progresses, meaning the earliest customers will receive the highest rate. Your rate is locked-in at the time you sign up for the program and will remain fixed for 10 years. The utility will install a meter to record your production. You will reduce or eliminate your electric bill from Eversource through net metering in addition to receiving your SMART incentive payments.
For Example:
If your Electric Rate is $.20/kWh (3 year historical average).
The fixed incentive rate is estimated to be $.14/kWh.
Annual PV system production: 10,000kWh/year
Electric Bill Savings: 10,000kWh * $.20= $2,000
Fixed SMART payment: 10,000kWh * $.14 = $1,400
Total annual economic benefit: 10,000kWh * $.34 = $3,400
SRECS or Solar Renewable Energy Credits
For systems installed and granted Permission to operate on or before November 26, 2018. This is a market based incentive which means the SREC value will fluctuate. SRECs are sold separately from the power they produce so you receive energy credit from Eversource in addition to selling your SRECs. Learn more about the SREC II Program.
- Every 1000 kWh produced is equivalent to one SREC
- You can sell them through an SREC Aggregator.
- The price is market-based and fluctuates over time.
- You will receive credit for a period of 10 years.
- In order to sell SRECs, they need to be reported first to an online Production Tracking System (or PTS).
- They can either be entered manually or automatically through a Data Acquisition System (DAS).
