With a population of over 88,000, Fall River is the tenth largest city in Massachusetts. One of the main touristic attractions in the city is Battleship Cove, a naval museum that has the largest collection of World War II ships in the country, including the USS Massachusetts. In the 19th century, Fall River had the largest textile manufacturing operations in the US, and many factory buildings still stand today as part of the local historic legacy. The local success of the textile industry attracted significant immigration, most notably from Portugal.
In recent years, the solar power industry has experienced significant growth in Fall River, MA. Many large projects have been developed that count toward the local electric utility Renewable Portfolio Standard that calls for 25% of all electricity to come from renewable sources by 2030:
Massachusetts has become one of the best states for solar power, and Fall River is no exception. Located within the National Grid electric utility service area, Fall River is subject to electricity rates of up to 20 cents per kilowatt-hour (kWh), so there is significant savings potential from installing a solar panel system. Additionally, electricity rates tend to increase year by year; National Grid power bills increased by about 10 percent in 2016 alone. As utility electricity rates increase, your savings from solar will also increase!
In addition to eliminating a significant portion of your power bill, a solar panel system makes you eligible for several financial incentives, such as Solar Renewable Energy Credits (SRECs). Basically, you earn a SREC for every 1,000 kWh of solar energy generated, and each SREC can be sold for about $270 in Massachusetts. As stated above, the local Renewable Portfolio Standard requires National Grid to generate 25% of its electricity from clean sources by 2030. SRECs can count toward a utility’s Renewable Portfolio Standard goals, so utilities like National Grid will buy SRECs from home and business owners in Fall River to meet their renewable targets.
SREC sales provide a significant source of income to owners of solar panels, but there are other incentives that make solar easier to afford:
Keep in mind that all solar panel systems installed in the US before 2020 are also eligible for a 30% federal tax credit. When you combine this with the state incentives in Massachusetts, up to 45% of the cost of solar can be deducted from taxes. Additionally, residents of Fall River can earn extra income by selling SRECs to National Grid. With generous government incentives available, solar panel systems are one of the best investments for home and business owners in Fall River.