Whether you watched the ball drop in New York’s Time Square, rang in the New Year to a local fireworks display, or fell asleep before 9pm; you probably made a few New Year resolutions. Some of the classic resolutions include: eating better / losing weight / working out, spending more time with family and friends, spending your money wisely, and taking that well deserved vacation (which of course contradicts the preceding resolutions). This year, it’s easier than ever to keep at least one of these resolutions. Spend your money wisely. New incentives in 2012 are making it more cost effective to install photovoltaic (PV) solar panels on your home, business, or in your yard.
Solar incentive programs started making PV an attractive investment in 2009. But the Massachusetts state rebate for solar will eventually phase out. Until recently, no one was sure if the state rebateprogram would continue in 2012. But now we know, it will be around for at least one more year.
2012 brings a few changes to the Photovoltaic (PV) incentive programs. The current incentives combine with the lower cost of PV, making it a great time to invest in this renewable energy source.
Below is a quick snapshot of the incentives available for solar in 2012:
State Rebate: The current rebate of $0.40 per watt installed is cash back incentive for new residential and small commercial solar arrays. Those who qualify for a moderate home value or moderate income adder can double this rebate to $0.80 per watt installed. The rebate has a cap at 5000 watts so the maximum state rebate is $2,000 ($4,000 with an adder).
Tax Credits: The federal and state tax credits remain in effect for 2012. The federal credit provides an impressive 30% of the cost of the system with no cap. The state credit is set at $1,000.00 per primary residence.
Solar Renewable Energy Certificates: The Solar Renewable Energy Certificate (SREC) program is continuing strong into 2012. The prices of SRECs remain high as supply is short relative to the demand. Installing a solar array before July of 2012 will lock you into the SREC program for a 10 year term.
Contact My Generation Energy for an in depth explanation of how you can take advantage of this year’s incentives.