Save with solar in Lynn, Massachusetts

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Lynn, Massachusetts

Lynn is the most populous city in Essex County, with over 90,000 inhabitants. The city is well-known for its architecture, and plenty of its landmark buildings have been included in the National Register of Historic Places, many of them located within the Diamond Historic District. In recent decades, Lynn has become an important center of artistic expression, with downtown Lynn designated as an arts and culture district by the Massachusetts Cultural Council.

Lynn also has a long history of innovation in the electrical industry as the place where the Thomson-Houston Electric Company was founded. The Thomson-Houston Electric Company eventually merged with Edison Electric Company to create General Electric, a global leader in the electrical industry. Lynn was home to one of GE’s first manufacturing plants, specializing in lighting fixtures and motors.

Since 2014, the city government has been generating clean energy for its wastewater treatment plant with a 600-kilowatt wind turbine. With a height of 254 feet, the turbine is an impressive sight to behold.

Is Solar Power a Good Investment in Lynn, MA?

There are two strong reasons to invest in a solar panel system in Lynn: electricity from the local utility is expensive and there are generous financial incentives for residents.

National Grid charges energy rates of up to 20 cents per kilowatt-hour (kWh), which is significantly higher than the national average of 14 cents per kWh. Also, National Grid has increased electricity rates by 10% since November 2016. High local electricity rates mean large potential savings from solar panels for both home and business owners.

Massachusetts also has a statewide mandate to generate 25% of all energy from renewable sources before 2030, and utility companies who don’t comply face significant fines. If you install solar panels in Lynn, you can claim a Solar Renewable Energy Credit (SREC) for every 1,000 kWh of clean energy generated. Residents of Lynn can sell SRECs to utilities in Massachusetts for around $270 each, which represents extra income beyond energy savings. SRECs are claimed for generating clean energy, which means that you can receive SRECs even if you consume the solar power you produce.

To complement the extra income from SREC sales, there are excellent tax incentives for solar panel systems:

  • Two tax exemptions: The sales tax does not apply for solar panel systems, and you are exempt from a property tax hike even though a solar system will increase property value significantly.
  • Two tax credits: The state government offers a tax credit for 15% of your investment, capped at $1,000. Add this to the nationwide 30% federal tax credit, and owners of solar panel systems can claim up to 45% of the cost of systems as tax deductions.

With such a broad range of incentives, qualified home and business owners in Lynn, MA can install solar panels with no upfront investment. With a low-interest loan, residents of Lynn can pay for 100% of their solar system with their energy savings and SREC income. This approach allows home and business owners to achieve energy savings immediately without spending any money upfront.