Electricity rates have been rising steadily in recent years, and they are set continue to increase at a rate of about 3-5% per year. Meanwhile, the cost of solar electricity has been steadily declining. These two trends mean that going solar is a great way to cut your electricity costs and solar will help you reduce or eliminate your electric bills.
Purchasing a solar system is a great way to make your money work for you. In Massachusetts, the average solar power system will pay for itself in 5-8 years, with an internal rate of return (IRR) of up to 22% – better than the average stock market investment, but more secure (as utility electricity rates are highly unlikely to decline in the future). If you know that a cash purchase is not a realistic option for you, consider a $0-down solar loan, which offers comparable returns without the up-front cost.
Whether you purchase your system outright or finance it with a loan, you’ll not only be saving money on your power bills – you’ll also be increasing the value of your property. A growing number of studies show that owning a solar panel system will add value to your home. A recent study by Berkeley National Laboratory confirms that the nation-wide trend also applies to Massachusetts homes.
Although you may consider the environmental benefits as secondary to the financial ones, by going solar you will also reduce your carbon emissions. Utility electricity in Massachusetts comes primarily from burning natural gas (over 60% of generation in the state), which – while “cleaner” than coal – is still a significant source of greenhouse gas emissions.
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