The benefits of installing a solar array are:
- You reduce or eliminate your electric bill
- You can take a Federal Tax Credit of 30% towards the purchase price for your home or business.
- You can take State Tax Credit of 15% (up to $1000, lifetime limit) towards the purchase price
- You can get a Commonwealth Solar II grant of up to $1250 (after July 1, 2014).
- You may be eligible for additional rebates from MassCEC for low income people or moderately priced houses.
- You will have Net Metering for credit on excess energy. The meter runs backwards when you produce more energy than you use. The excess energy can be split between two NStar accounts, such as business and home or home and donated to town.
- You generate and can sell Solar Renewable Energy Credits (SRECs) at for ten years.
- There are Low/No money down options
- Indirect Return on Investment: Home Value. A nation-wide study published by the Appraisal Institute estimates that property value increases by $20 for every utility-bill dollar saved due to energy improvement. Also, the U.S. Department of Energy recently found that even in soft housing markets, a home with solar will sell in half the time as one without.