Many homeowners in the Northeastern U.S. are gearing up for power outages and cold nights this winter, and many wish they had solar. There are countless reasons why now is the perfect time to get started on your solar journey. With state and federal incentives, rising electricity costs, and our dedicated team members at Momentum Solar ready to help you make the transition to clean energy, it’s never been easier to switch.
The Mid-Atlantic and New England regions are great places to have residential solar. In fact, New England has the highest solar adoption area per capita [1]. Momentum Solar is proud to serve these areas with offices in Connecticut, Massachusetts, New York and New Jersey.
Feel free to check out our service areas, the financial plans available to you, or contact us today by clicking the “Free Quote” button on the top of the page or calling us at 1-888-MOMENTUM!
Why Should You Go Solar?
Rising energy bills in the U.S. are a great reason to consider when debating switching to solar. According to economists, energy bills will continue to spike and are not forecasted to fall any time soon. Natural gas prices are at a 14-year high in America and moving forward with renewable energy efforts is the best way to help [27].
There are many state-funded incentive programs that make the decision to go solar much easier. Not to mention, any homeowner in the United States can benefit from the federal Inflation Reduction Act (IRA) which extended the time period of the Investment Tax Credit or ITC.
This solar tax credit which is sometimes known as the Residential Clean Energy Credit is a 30 percent deduction from the cost of installation from your federal taxes. It is available until 2033 after which it will drop to 26 percent, in 2034 after which it will drop to 22 percent and will end in 2035. The ITC can be claimed by residential and commercial systems, and currently, there is no limit on its value [21].
Now that you get the gist of what solar prices in the Northeast look like, here is the state-by-state breakdown! To talk to a local sales representative about solar options in your area, call us today at 1-888-MOMENTUM.
Connecticut
With Connecticut energy costs going through crazy spikes and the state offering many incentives now is a great time to think about solar if you’re a Connecticut homeowner [28]. The Connecticut Clean Air Act helps guide more people toward solar and has disallowed Homeowners Associations from blocking solar installations in a recent provision [29].
Here are some great state incentives in Connecticut right now:
Connecticut Green Bank Solar for All Program: “You don’t have to be among the wealthy elite to benefit from solar power in Connecticut. The state offers a power purchase agreement (PPA) to eligible low-income households, which allows them to access solar energy at a reduced rate” [26].
Connecticut Green Bank Residential Solar Investment Program (RSIP): “This program offers incentives and cash rebates for both owners and lessees of solar power, which is somewhat uncommon (most states only offer these benefits for those who purchase a system, rather than lease it). Under this program, owners of solar systems can enjoy a cost reduction of $0.426 per installed watt based on system size. Those who lease their system can get compensation of $0.30 per kilowatt hour generated” [26].
The Property Tax Exemption for Renewable Energy Systems: The state has also passed tax breaks to residents willing to switch to solar. It helps owners with a sales tax when purchasing the systems. It also exempts homeowners from property tax on the increased value post-solar install [26].
For more information about other Connecticut solar benefits and incentives, visit here.
Massachusetts
Despite the misconception that the state doesn’t get enough sunlight for solar panels, Massachusetts happens to be an excellent solar spot [23]. Electricity rates in the state are expected to increase between 43 percent and 64 percent this winter [24] and capitalizing on sunshine is starting to make more and more sense in Massachusetts.
Amid the rising energy cost crisis, there are plenty of solar incentives offered in Massachusetts to make the transition cheaper and easier:
Solar Massachusetts Renewable Target (SMART)
“One of Massachusetts’ most exciting solar developments is the SMART program. With this incentive, the State of Massachusetts pays Eversource, National Grid, and Until customers a fixed rate per kilowatt hour (kWh) of solar energy produced for 10 years. For systems under 25 kilowatts (kW), the rate ranges from 19 to 31 cents per kWh, depending upon your location and utility. In addition, the state also provides higher incentive rates for low-income customers or those who install battery storage to pair with their solar panel system, making solar power more accessible to more customers in the Bay State” [22].
Net metering in Massachusetts
When solar homeowners receive bill credits from their utility for the energy that they send back to the grid, they are benefitting from one of the best incentives in solar. [22]
For more information about other Massachusetts solar benefits and incentives visit here and here.
New York
According to the Solar Energy Industries Association (SEIA), New York is currently ranked eleventh in the country for solar installations and solar is getting more and more popular every day [25]. There are so many great incentives offered by the state, and here is our breakdown:
The Megawatt Block Incentive Structure: “The program provides an up front dollars-per-watt ($/W) rebate for both commercial and residential solar panel systems. The size of your subsidy depends on the size of your system, the current Megawatt block and your region. As of January 2022, the incentive values range from $0.20/W (ConEdison) to $0.50/W (Upstate)” [5,6].
New York net metering: “a crucial policy that ensures you get paid a fair price for the solar electricity that you send into the grid. Any credits for excess solar power that you accrue are stored in a “credit bank” and can be used in future months (usually winter) if your solar energy system produces less electricity” [6].
Net metering programs in New York:
For more information about other New York solar programs and incentives click here.
New Jersey
Did you know that New Jersey is ranked seventh in the country for solar energy adoption? Over the last five years, solar prices in the state dropped by 45 percent, and by 2030, 50 percent of the state’s electricity will come from renewable energy [7,8].
The state offers many incentives, and we’re here to break them down for you:
Solar Renewable Energy Credits (SRECs): “Compensation per kilowatt-hour (kWh) produced by the system. [9] (Varies by market value.)” [10].
Solar Investment Property Tax Exemption: “Property tax exemption on the added home value from the rooftop solar system” [11].
Solar Panel System Sales Tax Exemption: “6.625% home solar system state sales tax exemption” [12,13].
For more information about New Jersey solar programs visit here.
Pennsylvania
In Pennsylvania, over 7 million residents were affected by blackouts from 2008 to 2017 [14]. This staggering number could be why so many in the Keystone State are choosing clean energy. Solar power is a great resource that can help you stay safe during hazardous winter weather when coupled with a comprehensive battery storage system[15]. In the last five years, Pennsylvania’s solar prices dropped 43 percent, and the data shows that solar power in Pennsylvania is 10 percent more effective than in other states [16, 17]. The estimated 20-year savings in Pennsylvania is over $23,000, making solar in Pennsylvania more than worth it [19].
The state of Pennsylvania offers homeowners a couple of different solar incentives. Below you’ll find helpful information on both:
Pennsylvania net metering: “This is one of the most important policies for solar in Pennsylvania, as in many other states, because it governs how your residential system interacts with the grid. Net metering allows you to sell excess solar electricity back to the utility at the same price at which you would buy it. The ability to send electricity back to the grid is key, as it allows homeowners to “bank” their solar energy when production is up and use it when they need it later on. PECO Energy offers the top utility net metering program in Pennsylvania” [20].
Solar Renewable Energy Certificates (SRECs): “This program enables Pennsylvanians to sell the SRECs that their panels generate. In 2021, the going rate for these credits was between $24 and $41. At the lower end of this range, an 8-kilowatt (kW) system that generates 8 MWh per year could make an extra $192 per year from selling SRECs” [20].
For more information on Pennsylvania solar incentives click here.
What Does This Mean for You?
If you’re a homeowner in any of these states, we hope you found these resources helpful when deciding to go solar. There are many different ways to save, and Momentum Solar is here to help you find the best price whether you’re in Florida, Texas, New York or any of the other eight states we operate in!
To begin our simple free quote process, click the link above – or contact a dedicated solar specialist in your area by calling 1-888-MOMENTUM today.
Citations:
[1] https://solarpower.guide/solar-energy-insights/states-most-solar-installations
[2] https://www.woodmac.com/news/opinion/is-the-end-of-high-us-solar-system-prices-in-sight/
[3] https://news.energysage.com/how-much-does-the-average-solar-panel-installation-cost-in-the-u-s/
[4] https://www.solar.com/learn/inflation-reduction-act/
[5] https://www.nyserda.ny.gov/All-Programs/NY-Sun/Contractors/Dashboards-and-incentives
[6] https://www.energysage.com/local-data/solar-rebates-incentives/ny/
[7] https://www.seia.org/state-solar-policy/new-jersey-solar
[8] https://www.nj.gov/dep/aqes/opea-clean-energy.html
[9] https://www.njcleanenergy.com/srec
[10] https://www.srectrade.com/markets/rps/srec/new_jersey
[11] https://programs.dsireusa.org/system/program/detail/3100
[12] https://programs.dsireusa.org/system/program/detail/219
[13] https://www.state.nj.us/treasury/taxation/ratechange/su-overview.shtml
[14] http://electricalsector.eaton.com/forms/BlackoutTrackerAnnualReport
[15] https://www.washingtonpost.com/business/energy/winter-blackouts-highlight-need-for-clean-energy/2023/01/19/85aa500e-97ef-11ed-a173-61e055ec24ef_story.html
[16] https://www.seia.org/state-solar-policy/pennsylvania-solar
[17] https://decisiondata.org/solar-by-state/pennsylvania/
[18] https://www.seia.org/initiatives/solar-investment-tax-credit-itc
[19] https://www.energysage.com/local-data/solar-panel-cost/pa/
[20] https://www.energysage.com/local-data/solar-rebates-incentives/pa/
[21] https://news.energysage.com/solar-tax-credit-explained/
[22] https://www.energysage.com/local-data/solar-rebates-incentives/ma/
[23] https://www.mass.gov/solar-information-programs
[24] https://www.cnet.com/google-amp/news/massachusetts-solar-panels/
[25] https://www.ecowatch.com/solar/worth-it/ny
[26] https://www.forbes.com/home-improvement/solar/solar-panel-pricing-incentives-connecticut/
[27] https://www.usatoday.com/story/money/personalfinance/2023/01/24/electricity-prices-inflation/11089430002/
[28] https://ctmirror.org/2023/01/03/ct-energy-winter-shortage-natural-gas/
[29] https://energynews.us/2023/01/18/connecticut-homeowner-associations-can-no-longer-block-solar-installations/
