Located in the picturesque town of Chatham, this Cape Cod solar array stands to generate more than 13,940 kWh of clean solar energy each year. That means that the homeowners will save over $4,600 annually! That’s the equivalent of 22.9 barrels of oil consumed in one year!
Save money with solar
Cape Cod residents are passionate about saving the environment, and this passion can help them save money when they choose solar. According to Boston.com, “the average Massachusetts household can save an estimated $35,900 over the next 20 years by installing a rooftop solar system.”
Earn money with solar
Solar energy does more than help you save money on electricity. Choosing solar can also increase your home’s market value. According to Money magazine, “solar panels increase a home’s value by 4.1%.” For a $450,000 home, that translates to a savings of $18,450!
As clean energy continues to become more mainstream, solar homes are projected to be more valuable in the future. Therefore, your solar installation will continue to save you money even if you decide to sell your home.
Updates to Solar Incentives
Perhaps most important for home and business owners considering going solar, the Inflation Reduction Act of 2022 makes some big changes to the solar Investment Tax Credit (ITC), more commonly known as the federal solar tax credit. These changes include:
- The tax credit has been increased to 30% through 2032 (when it will step down over several years before being eliminated for residential solar installations).
- The 30% tax credit rate is retroactive for all of 2022, so anyone who has already installed or will be installing solar by the end of this year can qualify.
- Direct-pay option now allows certain tax-exempt entities and non-profit organizations to take advantage of the solar tax credit
This is great news for those who have already finished solar installation this year, for those who were expecting to only qualify for a 26% credit, and for anyone looking for a good excuse to reach out to a solar company near them to add panels to their home or business as soon as possible.
Save the environment
Solar offers more than incredible financial benefits. This clean energy source is also an excellent investment for the environment. Solar panels do not create air pollution or greenhouse gases. Which means that going solar can ease the impact of climate change.
Contact us today to learn more or schedule a free, no-contact site assessment.