I live in Mass and on average I have 600 KW a month which is about $200 a month max. For 12 months and 25 years this would be $200*12*25 = $60k to pay for electricity for 25 years. Obviously the prices can go up - with 2.5% price increase every years, the total cost would be actually $82k in Mass, not $95k
Historically, utility rates have increased by 3% per year (and much faster in recent years). This is a great resource for seeing that trend over time: fred.stlouisfed.org/series/APU000072610 That's the national average and it does vary from utility to utility. It's worth noting that Massachusetts is heavily reliant on natural gas for generating electricity, which is inflationary by nature and is prone to wild price swings that homeowners ultimately pay for.
Hi Kristen, great question! According to Mass.gov "the credits never expire and will roll over to the next billing period." It's also worth noting that net metering lasts for 25 years from the interconnection date of the system. In Massachusetts, there is no cap for residential systems under 10 kW.
@@kristenkelley7341 It appears the cap was increased to 25 kW for residential systems in August 2022 (link below), but I would double-check with your installer as they should have a better understanding of local rules and regulations. www.seia.org/news/massachusetts-relaxes-net-metering-caps-residential-solar-major-climate-bill
Hey Jay, I don't have much expertise with off-grid so I don't have a great answer for you. However, I will point out that the SMART incentive (and battery added) are only eligible for grid connected systems, so don't count on those incentives if you are pursuing an off-grid project.
Can you talk about cost of solar loans given today’s high rates? Does it typically work out to the same as what people would pay for their electric bill?
Hey, great question! Yes, solar financing rates are higher than they were during the pandemic. However, there are a wide range of solar loan options from 8- to 25-year terms and combo vs reamortizing structures. So, you have quite a bit of control over your monthly payments and savings by selecting a loan option. Some folks opt for a shorter term loan with higher payments to reduce their overall interest costs. Others opt for the long term loans with the lower payments to have more immediate bill savings. Given the average electricity bill in Massachusetts is nearly $200 per month, I'm confident that most homeowners can find a solar loan option with payments lower than their electricity bill.
I live in Mass and on average I have 600 KW a month which is about $200 a month max. For 12 months and 25 years this would be $200*12*25 = $60k to pay for electricity for 25 years. Obviously the prices can go up - with 2.5% price increase every years, the total cost would be actually $82k in Mass, not $95k
Historically, utility rates have increased by 3% per year (and much faster in recent years). This is a great resource for seeing that trend over time: fred.stlouisfed.org/series/APU000072610
That's the national average and it does vary from utility to utility. It's worth noting that Massachusetts is heavily reliant on natural gas for generating electricity, which is inflationary by nature and is prone to wild price swings that homeowners ultimately pay for.
Tem emprego aí para instaladores.
Do the net metering credits cap out or expire?
Hi Kristen, great question! According to Mass.gov "the credits never expire and will roll over to the next billing period." It's also worth noting that net metering lasts for 25 years from the interconnection date of the system.
In Massachusetts, there is no cap for residential systems under 10 kW.
@@solardotcom Our system is over 10 kW. It's 14 I think. Is there a cap? Thanks for the info!
@@kristenkelley7341 It appears the cap was increased to 25 kW for residential systems in August 2022 (link below), but I would double-check with your installer as they should have a better understanding of local rules and regulations.
www.seia.org/news/massachusetts-relaxes-net-metering-caps-residential-solar-major-climate-bill
Explain to the laymen why "free solar panels" aren't really free
what about off grid solar in massachusetts and what other all in one systems are code compliant besides the Sol Ark All-in-one.
Hey Jay, I don't have much expertise with off-grid so I don't have a great answer for you. However, I will point out that the SMART incentive (and battery added) are only eligible for grid connected systems, so don't count on those incentives if you are pursuing an off-grid project.
Can you talk about cost of solar loans given today’s high rates? Does it typically work out to the same as what people would pay for their electric bill?
Hey, great question! Yes, solar financing rates are higher than they were during the pandemic. However, there are a wide range of solar loan options from 8- to 25-year terms and combo vs reamortizing structures. So, you have quite a bit of control over your monthly payments and savings by selecting a loan option.
Some folks opt for a shorter term loan with higher payments to reduce their overall interest costs. Others opt for the long term loans with the lower payments to have more immediate bill savings.
Given the average electricity bill in Massachusetts is nearly $200 per month, I'm confident that most homeowners can find a solar loan option with payments lower than their electricity bill.