The Government Paying for Solar Panels in Massachusetts
If you’ve spent any time watching television or surfing the internet it’s likely you’ve seen ads that look something like this: “The government is paying homeowners to get solar! Click here to find out how you can install a solar system on your house for no money!” or “Hurry! Time is running out! Call to save money and get your solar panels for free!” But you know what they say about things that are free. They are usually too good to be true. That is the case with these claims of free solar panels as well.
Cazeault Solar & Home Decodes Government Solar Strategy
These crafty ads are usually referring to leasing or power purchase agreement (PPA) programs. They may be correct that you can get your system installed without a lot of money out of pocket, but they don’t tell you that in return you forfeit many of the benefits of having a solar system.
First of all, in most of these situations, you will receive savings on your electric bill, but you will not accrue credit for any production that exceeds your electric consumption each month. That overage will go to the company that holds the lease. With the customer owned systems that we offer, you receive all of the credits. That allows you to bank credits on your electric bill for months when you use more power, or for months when you produce less power. This is called ‘Net Metering’ and it is one of the most important benefits of a solar system. Net metering is an important way that you are able to make your return on investment. Many people consider the current federal tax credits very beneficial as well. Currently, there are federal tax credits of 30% of the total price of your solar system. These credits are not able to be applied to leasing situations. When you apply these credits to your initial investment you can speed up your return on investment even more.
Second, leased systems can make things difficult if you decide to sell your home during the lease period. There are often large fees for early termination, and the new homeowner will be responsible for the lease payments. Many people don’t want to add a new mortgage payment and an additional payment for a system you added. If you own the system, it can be considered an asset to the new homeowner and even make your home more attractive to prospective buyers.
Contact Cazeault Solar & Home to Install Solar Panels
Lastly, usually, you do not own the system at the end of the lease period. Even after making payments for many years, the leasing company may require an additional large payment in order for you to keep the system. With a customer owned system, you will continue to reap the benefits of your investment for many years. At Cazeault Solar and Home, we want you to save money for as long as possible. So while it isn’t free to get a solar system installed, it will be an investment that pays for itself and then continues to pay you for it’s lifetime.