The future is looking a bit more bright for Massachusetts residents who want to switch to solar following Governor Charlie Baker’s proposal to incentivize an additional 1.6 GW of solar PV in the state.
The Next Generation Solar Incentive Straw Proposal comes on the heels of the the state’s successful Solar Renewable Energy Credits (SREC -2) incentive program, which successfully increased solar deployment across the state and is set to expire at the end of 2016.
As has been the trend with the newer incentive programs that are getting green-lighted all over America, the payback rate is less than the early days when solar installation wasn’t as prominent.
Following suit with the trajectory of this trend, Massachusetts’s proposed incentive program rates are constructed to decline as more solar is generated. That means that people seeking the incentive earlier on will lock in more favorable rates than those latecomers to clean energy.
Currently Massachusetts’s SREC-2’s program uses solar credits and a tariff program that fluctuates payback rates with the market and other factors.
Under the newest proposal, incentives will have a single, fixed tariff rate for the life of the entire project and pay out over the course of 10-15 years. This rate will factor in the state’s other incentive program of net-metering–giving a project a cap of a maxim payback rate it can apply for.
The amount of the incentive is more generous for smaller projects such as home solar than larger, commercial ones.
Contact GoGreenSolar.com or call (888) 338-0183 to learn how you can receive the state’s best incentive rates under the newest proposal.