Calculate how much it will cost to install solar panels for your home in Worcester
Calculate how much it will cost to install solar panels for your home in Worcester
Solar power in Worcester, Massachusetts
National Grid offer an SREC and net metering program to their customers going solar in Worcester.
Power providers in Massachusetts must source a certain percentage of their energy from rooftop solar creating a market for Solar Renewable Energy Certificates (SRECs). If utilities fail to meet their guidelines they are fined heavily. Each SREC is proof of 1 MWh of energy production priced at about $270. A standard 5kW system usually produces about 6MWh per year resulting in a check from national grid of about $1,350. Since the fines for not producing enough SRECs is set to reduce by about $15 per year returns will reduce slightly however, over the life of a 5kW system this would put about $14,000 in your account.
Massachusetts offers a state tax credit of $1,000 or 15% of the total system cost.
After deducting the state tax credit and any other rebates, a large part of the remaining cost can be claimed as a deduction to federal taxes — 26% in 2020, or 22% in 2021. The federal solar tax credit has no size limit and gives you the option to use it over several years or all in one year if you wish.
Financial incentives like these are very rare to still see and should not be taken for granted.
Enter your bill spend and address to get a detailed estimate of how much solar you need, your payback time and local incentives!
Net Metering Broken Down
Net metering credits each kWh of unused solar generation at the retail rate for power. 100kWh exported to the grid would eliminate the cost of 100 kWh drawn from the grid at night or on a cloudy day for example. If in a billing month more energy has been sent to the grid than drawn credit is still provided at 1 for 1 to future bills indefinitely. At the end of a 12 month billing cycle remaining credit will be deposited into your account.
The average cost of installing residential solar panels in Worcester,
Massachusetts in 2023 is
$2.78 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Worcester, MA
is $13,900.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in Massachusetts is only 627kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Worcester solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our Massachusetts solar savings calculator can do this because it contains a database of the electric rates charged by Fitchburg Gas & Elec Light Co (Unitil), National Grid (was Massachusetts Electric Co), Town of Ashburnham, Town of Boylston, Town of Holden, Town of Paxton, Town of Princeton, Town of Shrewsbury, Town of Sterling, Town of Templeton, West Boylston Town of, Eversource (formerly NSTAR)
How much can solar panels save you in Worcester
What does the cost of a real solar system look like?
Facts about installing a 6.46kW solar system in Worcester, MA
This system would offset 100% of your energy usage if your typical monthly bill is $238, however your situation may vary so try our Worcester solar calculator to get a result tailored to you.
$11,781
Net cost of system
3 Years 3 Months
Average payback time
7,555 kWh
Annual power production
6¢/kWh
Levelized cost of solar energy
67¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 6.46kW system
Life-time savings on this system over the next 25 years
$115,690
(Prices shown after repayments of capital)
57
Solar companies in Worcester, MA that provide pricing through the Solar-Estimate marketplace.
Average total cost of solar panel installation in Worcester
| System Size |
Cash purchase After 30% solar tax credit |
Financed purchase After 30% solar tax credit |
|---|---|---|
| 3kw | $6,111 | $6,600 |
| 4kw | $8,036 | $8,679 |
| 5kw | $9,870 | $10,660 |
| 6kw | $11,676 | $12,610 |
| 7kw | $13,377 | $14,447 |
| 8kw | $15,064 | $16,269 |
| 9kw | $16,632 | $17,963 |
| 10kw | $18,200 | $19,656 |
Find out what system size you need for your home
Going solar in Massachusetts
Check out all of the ways energy providers of Massachusetts can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Clean Energy Tax Credit | Federal | Personal Tax Credit |
| Residential Renewable Energy Income Tax Credit | State | Personal Tax Credit |
| Renewable Energy Property Tax Exemption | State | Property Tax Incentive |
| Renewable Energy Equipment Sales Tax Exemption | State | Sales Tax Incentive |
| Solar Massachusetts Renewable Target (SMART) Program | State | Rebate Program |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
