Solar in 2024: A Homeowner’s Guide

Have you been thinking about going solar for a while? The new year is the perfect time to make a plan to go solar. The cost of solar PV panels is going down, and there are some great solar incentives available to help reduce your installation costs.  As we step into 2024, the shift towards solar energy  presents another opportunity to not only reduce your energy bills, but it’s also a chance to reduce your carbon footprint and contribute to a cleaner, greener planet.

My Generation Energy is here to help you take advantage of solar savings and help you reduce your reliance on fossil fuels. In this guide, we’ll talk about the state of solar energy in 2024, how you can take advantage of solar rebates and incentives, and the benefits you’ll enjoy once you install your solar system.

Solar Panel Costs Are Dropping Rapidly

The solar industry is growing, and much of its growth is due to falling costs. The cost to install solar panels in Massachusetts has dropped by 52% over the past 10 years, according to SEIA. If you’ve been waiting for solar panels to get cheaper as technologies improve, the wait is over. Solar costs are down and it’s time to start saving with your own solar energy system.

Solar Incentives Make PV Panels Even More Affordable in 2024

When you install solar panels, you’re not the only person who benefits. The more solar that’s installed in Massachusetts, the less fossil fuel we will consume, which is good for the environment and will help the Massachusetts meet its clean energy goals. Grid-tied residential solar panel systems also strengthen the grid and make it more reliable. Because of the widespread benefits, the state and federal governments offer incentives to help homeowners install solar panels.

Here are some of the best national and Massachusetts solar incentives in 2024:

  • The Inflation Reduction Act Solar Tax Credit: The new Inflation Reduction Act (IRA) tax credit for solar allows you to reduce your federal tax liability by 30% of your solar installation costs. The federal solar tax credit translates into thousands of dollars in savings for most solar projects.
  • Net Metering: Through Massachusetts’ net metering program, you can sell the excess electricity your solar panels generate to the grid. You’ll be paid in credit which can be used to offset the cost of the power you buy from the grid.

Environmental Impact

The environmental benefits of solar energy cannot be overstated.  By harnessing the power of the sun, you’ll significantly reduce your reliance on nonrenewable energy sources, thereby decreasing harmful greenhouse gas emissions.  With solar panels becoming more efficient and affordable, you can play a pivotal role in mitigating climate change and preserving our planet for future generations.

Take Advantage of the Benefits of Solar in 2024

Going solar has many benefits for homeowners, including:

  • Reduced or eliminated electric bills
  • Stabilized electricity costs
  • 25+ years of reliable, clean energy
  • Smaller carbon footprint

My Generation Energy can help you take advantage of all the benefits of solar for your home. You can trust our team to listen to your concerns, consider your current and future electricity needs, and come up with a system design that works for you. Together, let’s make a difference!

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