Solar energy rebates: The new mantra of Massachusetts
The potential of solar energy is remarkable and so are the initiatives being taken by Massachusetts to make it a household name in the state. With this objective the state and federal government both have come up with a system of rebates and lucrativ
As per the solar electric financing the federal tax credits amounts to 30 percent. On the other hand, the state government provides an incentive of $1,000 and also Solar Renewable Energy Credits (SRECs) which when combined with the former allows individuals and others to purchase an array of photovoltaic instruments which will be able to get repaid within four years time. In addition, getting the PV installed also enables you to bid adieu to the monthly electricity bills and allows homeowners and businesses to save as well.
There is little doubt that Massachusetts does offer attractive solar rebates. There can however, be confusion in the two types of rebates available, which are Commonwealth Solar II Rebate and the Commonwealth Solar Stimulus Program. A solar panel installation, be it for home or business can accrue the benefits of either of the program but not both. Hovered, both the incentive systems are grid tied photovoltaic systems.
People who decide to install 10 kW or lesser amount of photovolativ installation for the domestic, industrial and commercial property can avail the Commonwealth Solar II Rebate program. For solar installations that require more than 10 kW, funds are channelized through the Commonwealth Solar Stimulus Program. The upper limit till which the rebate can be obtained is 200kW.
Another program initiated in Massachusetts towards this end is the Solar Renewable Energy Certificates or the (SRECs). According to this by generating one megawatt-hour (MWh) of solar electricity, homeowners can acquire one SREC. These SREC can thereafter be traded in the SREC market at usually very high prices, usually depending upon the availability of the credits and the price of the Solar Alternative Compliance Payment (SACP) which is the price that electricity suppliers must pay when they are not able to produce the required amount of renewable energy.
All the PV systems are thoroughly checked to ensure that they comply with the set standard. Thereafter several installation and grid tying up processes are initiated with the assistance of licensed electricians and as per the federal and states electrical codes. These rebates are however, not available on do-it-yourself projects and all installation must be necessarily done by licensed professionals. Availing the services of a professional solar installer will also help people to get acquainted with the incentives that are available for their property.
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