Save with solar in Malden, Massachusetts

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Malden, Massachusetts

Located in Middlesex County with a population of over 60,000, Malden is often rated as one of the best places to live. Bloomberg Businessweek even named it the best city raise your kids. Malden was originally part of the city of Charlestown until its incorporation as a separate town in 1649. Malden has many parks, including a large part of the Middlesex Fells Reservation, which features many landmarks and archaeological sites. Waitt’s Mountain is another well-known landmark in Malden, which provides a great view of the Boston skyline.

In recent years, the municipal government has carried out significant efforts to make the city greener by increasing energy efficiency and deploying more renewable energy generation. Here are some of the largest projects in Malden:

  • Malden Catholic High School deployed a 476-kilowatt solar farm in April of 2017. The project is composed of 1,512 solar panels, which represents 30% of their electricity expenses. The project is expected to save the school $40,000 per year.
  • The US Department of Energy has certified Malden as a Green Community, awarding the city a grant of $332,540 to support the city’s clean energy measures. The first project the city will pursue with this grant will be an LED lighting upgrade for all street lamps.

Malden has an Energy Efficiency Commission, whose goal is to recommend clean energy improvements for municipal buildings, as well as to promote sustainability and environmental stewardship among home and business owners.

Investing in Solar Power in Malden, MA

The utility company serving Malden, National Grid, has some of the highest electricity prices in the country. National Grid electricity rates can go as high as 20 cents per kilowatt-hour (kWh) during peak demand hours. Peak demand hours often overlap with when solar panels are generating energy at full output, which means savings from solar panels are significant. In addition, National Grid customers saw their bills increase by 10% in 2016, which means the savings potential of solar panel systems in Malden just got much greater!

Solar panel owners in Malden are also eligible to accumulate Solar Renewable Energy Credits (SRECs), and as of 2017, one SREC can be sold for about $270. You are awarded one SREC each time your solar panels generate 1,000 kWh of solar electricity, even if you use the energy yourself!

There are also four different tax benefits for solar panel systems installed in Malden in addition to energy savings and SREC sales:

  • Two tax exemptions: You are exempt from the sales tax on your upfront purchase of a solar panel system. You can also waive any increase in property taxes that would correspond to the increase in home value due to installing a solar panel system. Did you know that installing solar panels can increase your property value?
  • Two tax credits: You can claim 15% of your investment as a credit against your state tax burden, up to $1,000. In addition, you can claim a 30% federal tax credit on any solar panel system deployed before 2020.

Energy savings, SREC sales, and tax benefits work together to make solar panels an attractive investment. The return on investment from a solar panel system is significantly higher when these incentives are available. However, many home and business owners cannot afford to pay for solar panels upfront. Financing a solar panel system through a loan is a great way to go solar for those who qualify. With a low-interest rate loan, home and business owners in Malden can claim all of the above benefits of solar without paying anything upfront!