Save with solar in Weymouth, Massachusetts

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Weymouth, Massachusetts

Weymouth is a city just outside the Boston metropolitan area with a population of over 55,000. First settled in 1622, Weymouth is the second-oldest European settlement in New England after Plymouth, which was founded just two years earlier. Although the first attempt to colonize the region was unsuccessful, by 1635 Weymouth had already become a prosperous town. Although originally a fishing and agricultural community, Weymouth is mostly a residential hub of Greater Boston, with an economy that focuses on the medical sector – the city is called “South Shore’s Medical Mecca.”

In the last decade, Massachusetts has been leading the way to widespread solar energy adoption. The city of Weymouth has benefitted greatly from the state government’s push toward clean energy and sustainability:

  • The Massachusetts Department of Energy Resources (DOER) designated Weymouth as a Green Community in December 2015, after the city introduced a plan to reduce energy consumption by 20% by 2020.
  • Along with being designated as a Green Community, Weymouth was awarded a $277,635 grant for projects focusing on energy efficiency and renewable generation.
  • The Commons at Southfield Highlands has been granted the LEED Gold Certification by the US Green Building Council.

Investing in Solar Power in Weymouth, MA

Weymouth is in the National Grid service area, and they charge electricity rates of up to 19.5 cents per kilowatt-hour (kWh), or $195 per megawatt-hour (MWh). These are among the highest rates in the nation, and they increased significantly between 2016 and 2017 – most National Grid customers experienced a power bill increase of 10 to 20 percent. However, if you own solar panels, expensive utility electricity translates into higher savings!

For every 1,000 kWh of solar energy generated, home and business owners in Weymouth save around $195 on their power bills. Solar panel owners are also granted a Solar Renewable Energy Credit (SREC) for that same amount of energy. Because local utilities are subject to renewable energy generation goals, they are willing to pay top dollar for SRECs; as of 2017, SRECs are being traded for around $270 each, raising the total economic value of one megawatt-hour (1,000 kWh) to around $465!

The combination of high power bill savings and SREC sales provides a strong financial incentive to go solar in Weymouth. However, there are four additional tax benefits to make solar panel systems more affordable:

  • No sales tax: Solar panels and their components are exempt from sales taxes.
  • Property tax exemption: Installing solar panels is expected to increase property value by up to $30,000, but your tax burden stays the same.
  • State tax credit: 15% of the cost of a solar panel system is deductible from state taxes, up to a maximum value of $1,000.
  • Federal tax credit: If you deploy your solar panel system before the end of 2019, you can also deduct 30% of its cost from your federal tax burden.

The financial benefits of solar in Weymouth are substantial. The tax benefits reduce the upfront cost of purchasing a solar panel system and the combination of energy savings and SREC sales boost cause significant income over time. A solar panel system is one of the best building upgrades available for home and business owners in Weymouth.