URGENT NEWS: The End of SREC’s

If you haven’t heard already, the Massachusetts Department of Energy and Resources (DOER)  has officially announced the end of the ever so popular Solar Renewable Energy Certificate (SREC) Program.  Yes, what a shame!

The MA SREC program has been touted for years as one of the best, if not the best solar incentive program in the country.  Basically, when you install a solar system on your home, business or nonprofit, you get paid for the production of your solar power plant.  Yes, PAID.

How SRECs Work: For every 1,000 kWh produced, you get 1 SREC. An average single family home producing 8,000 kWh a year of solar power, would get 8 SRECs, which is equal to over $1,500 a year. Best of all, the DOER gives you 10 years of SREC’s. So $1,500 a year is really equal to $15,000 over 10 years.

 

48% Solar Incentive Decline: Starting 2018, the DOER will roll out a new solar incentive, and discontinue the SREC program. This new program will come with a precipitous 48% drop in the incentive value. Ouch!  However, there is still time. Solar systems installed and connected to the grid before the end of this year will still get 10 years of SRECs. With publicly scheduled roll backs with the Mass Solar Loan, and the pending 48% decline in the solar incentive value, the writing’s on the wall –  going solar now is vastly better than later. Going solar in 2016 was even better, but 2017 is immensely better than next year.

The Plot Thickens: The State set fairly lofty goals towards solar adoption, and created incentives to try and meet these goals. Did they meet them? You bet we did; we met and exceeded the State’s expectations.  Some people think the reason solar incentives are rapidly declining is because of falling solar panel costs.  This is not the main reason. The main reason for a decline in solar incentives is that the State has met its solar goals and is happy with the current number of solar systems.

The Mass Solar Loan (MSL) is arguably one of the best government sponsored solar loans in the country.  Unfortunately, the MSL will also be taking some pretty big hits this year. Last year, you could get a Mass Solar Loan with an interest rate below 2% and get up to a $10,000 Rebate, depending on your income. This year, the MSL rates have gone up to the mid three’s (which is still not that bad) and that awesome Rebate funding is scheduled to go down too.

“So what should I do?” If you or someone you know has been considering solar, the clock is definitely ticking. We here at Rayah Solar have proven over time, with our 5-Star reputation, that we have what it takes to guide you through your solar process – with 5-Star grace and comfort. That is what the Rayah Experience is all about.

 

For more information or for a free solar consultation, please contact us at 617-564-3159, or click here to make an inquiry.

 

Article Written By: Brad StolerSales Manager – Rayah Solar

 

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