Hey, who could blame us for thinking at the end of 2020 that 2021 could only be an improvement on the year before? Call it wishful thinking, but we… actually you’re right, it was wishful thinking.
So as we’re saying good riddance farewell to 2021, let’s not jinx ourselves again, okay? Maybe 2022 won’t be the return to normal we all need, but that doesn’t mean there can’t be a few glimmers of light shining through. With solar panel installation on your Cape Cod home from My Generation Energy, it’ll be just a little easier to be a glass-half-full homeowner or business owner. Here’s why:
1. 2022 Is the Last Year for a 26% Federal Solar Tax Credit!
We might sound like a broken record talking about the federal solar tax credit again, but trust the local solar experts at My Generation Energy: this is one federal solar incentive you don’t want to miss out on.
The solar Investment Tax Credit (ITC), commonly known as the federal solar tax credit, allows homeowners and businesses to qualify for a credit on their federal taxes that’s equal to a percentage of their solar installation costs. The federal solar tax credit in 2022 is 26%—the same as it was in 2021. BUT, the tax credit for residential and commercial solar installation is set to drop in 2023 to 22%, before being completely eliminated in 2024 for residential solar and lowered to a flat 10% for commercial, unless it is extended in the Build Back Better Bill (contact your local representatives to back this part of the legislation!).
To recap the remaining federal solar tax credit schedule:
- 2021: 26%
- 2022: 26%
- 2023 (next year!): 22%
- 2024: 0% residential, 10% commercial
You’re not wrong in noticing that the real cliff is at the end of 2023, when 22% goes poof! But when it comes to solar installation, a 4% difference could mean leaving hundreds or even thousands of dollars on the table, depending on the size of your installation. All we can say is: act now and maximize your savings!
2. It’s “SMART” to Go Solar in 2022!
The MA SMART solar incentive program is one of the reasons why Massachusetts is one of the better states in the nation for solar incentives. Under SMART, you’ll be paid by your utility company (National Grid, Eversource, or Unitil) a fixed rate for the energy your panels produce. You’re locked into a rate via a “declining box” schedule, which sounds complicated but really boils down to: the sooner you sign up, the higher your locked-in rate will be and the more money you’ll earn.
3. There are So Many MA Solar Incentives, We Had to Combine Them
We could have padded this list out with all the additional solar incentives and ways to save money with solar energy on Cape Cod and throughout Massachusetts! Here are just a few more that will be available in 2022:
- Net metering
- Massachusetts State Income Tax Credit
- Local property tax and sales tax exemptions
- Federal MACRS Depreciation (for commercial solar)
Not sure which incentives your commercial or residential solar installation project could qualify for? Find out how much you could save by scheduling a free quote with My Generation Energy today.
4. Solar Battery Storage
If you’ve been researching solar panels for your home in 2022, you may have also come across Solar batteries:
- Save you money
By saving excess solar energy, you can use it when you’d otherwise be charged for expensive grid electricity—like at night or on cloudy days.
- Use more clean energy
Solar power is a clean, renewable energy source, so your home isn’t being powered by fossil fuels. With solar batteries, you have the ability to use clean energy 24/7, further reducing your home’s carbon footprint.
- Qualify for solar incentives
There are special solar incentives for solar battery storage owners, including the ConnectedSolutions program, which pays you for powering your home via electricity stored in your battery instead of grid electricity during certain times of the day.
- Qualify for solar federal tax credit savings
Installing a solar battery is included in the solar ITC, saving you on upfront installation costs.
- Protect you from utility outages
Tired of inconvenient power outages during storms? With solar battery energy storage, you can keep your lights on while the rest of the neighborhood is out!
My Generation Energy can help you find the right battery storage solution for your Cape Cod home.
5. Act Now and Take Advantage of All the Benefits of Solar for 2022
There are lots of reasons to go solar that don’t revolve around money. Solar panel installation is better for the environment, and it reduces your home’s greenhouse gas emissions. Solar panels have been shown to increase the value of your home, should you decide to sell in the future, as more and more homebuyers are prioritizing green homes.
Finally, no one knows what utility companies will be charging for electricity and grid power down the road, and what might seem affordable today could be quite different 10 years from now. With solar panel installation, you’ll give your family a safety net should energy prices rise, as you’ll be benefiting from 100% free electricity for the 30-year lifespan of your panels!
Trust Your Home or Business with a Local Solar Company
My Generation Energy is an experienced solar installer near you in Cape Cod, the South Shore, the South Coast, and the greater Boston area that’s installed solar panels for hundreds of Massachusetts homes and businesses. We pride ourselves on the quality of our work, the depth of our solar technology expertise, and our close-knit connection to the local Cape Cod community. So for 2022, turn to the solar energy professionals your neighbors say will get your solar upgrade done right.