Save with solar in Attleboro, Massachusetts

Attleboro has a population of more than 43,000 and is part of the Providence metropolitan area. The region was first settled by the English in 1634, and Attleborough was officially incorporated as a town in 1634. Its name was shortened to Attleboro after reincorporation as a city in 1914.

Attleboro had a thriving jewelry industry in the early 20th century, and as a result the city was nicknamed “The Jewelry Capital of the World”. Many of the jewelry companies founded in Attleboro are still in operation and are now more than a century old; for example, the Guyot Brothers Company was founded in 1904. Attleboro is also rich in historic architecture, and the municipal government received a $5.4-million grant in 2011 to help restore and preserve this legacy.

The local government has also used federal government incentives to promote energy sustainability. Some of the recent energy objectives include:

• The Attleboro school district set a goal of obtaining 75% of their school’s energy from solar panels. This is expected to save the city around $100,000 each year!

• The Attleboro Energy Fund, which has been operational since 2008, has the goal of helping low-income families cover their heating expenses during the winter. Throughout its existence, the fund has provided aid for more than 400 families.

Electricity from National Grid is expensive with rates that reach up to 20 cents per kilowatt-hour (kWh) during peak demand hours. Annual price increases are also significant; National Grid customers saw their power bills increase by more than 10% between 2016 and 2017, and another price hike is proposed for 2018. However, you can forget about high power bills if you generate your own energy with solar panels.

In addition to providing power bill savings, a solar panel system lets you accumulate Solar Renewable Energy Credits (SRECs) at a rate of one credit for every 1,000 kWh of solar electricity generated. As of mid-2017, one SREC sells for about $270. This is in addition to your expected energy bill savings of $200 per 1,000 kWh, which means that the total economic benefit is $470 for every 1,000 kWh of solar your system produces!

If the lucrative SREC market is not enough of an incentive, there are also many tax benefits for solar panel systems in Attleboro:

• Sales tax exemption on all solar panel system parts.
• No property tax increase. Installing solar panels is expected to increase your home value, but your property taxes will not increase!
• State tax credit: You can deduct 15% of your solar power investment from state taxes, up to $1,000.
• Federal tax credit: All solar energy systems are eligible for a 30% tax credit, which can be deducted as soon as the next declaration is filed. This benefit lasts until the end of 2019.

Installing solar panels is an attractive investment in Attleboro because of energy bill savings, SREC sales, and tax incentives. However, paying for a solar panel system upfront can be challenging. If you have access to a low-interest loan, such as a home equity line of credit (HELOC), financing a solar panel system can be a great option. With a solar loan, home and business owners can install solar with $0 down, and can use energy bill savings, SREC sales, and tax credits to cover the monthly loan payments. You can save money with solar in the first month of operation without having to put any money down.