Solar Energy Growth in Massachusetts
The installation of solar panels in Massachusetts has seen a great increase in recent years, especially since the advent of the SMART program in 2018. The Solar Massachusetts Renewable Target (SMART) is a state-run program aimed at promoting solar adoption throughout the state through incentives. Residents who add solar power to their homes receive a fixed-rate payment from their local electric company for 10 years, based on the amount of power their panels produce.
This is just one exciting aspect of the solar sector in Massachusetts going into 2023. Statistics have shown that solar is becoming more popular state-wide and nation-wide. New policies on the state and federal level are expected to increase adopting further.
In this article, we’ll look at the landscape of solar energy in 2023 and what to expect in the coming year.
The Year In Review
In recent years, solar adoption has grown at a staggering rate in Massachusetts and the statistics as of 2022 show it. The state ranks as the 10th most “solar” state in the nation with nearly 700,000 homes powered by solar energy. This spells a massive drop in fossil fuel usage throughout the state.
Massachusetts has seen a major investment in the solar sector over the years, now standing at $9.2 billion. The state has nearly 500 companies In the sector, each of which have created jobs for their local economies. As solar continues to grow in popularity, it can be expected that more jobs will come.
For those concerned about the cost of going solar, the numbers have improved significantly. Over the past 10 years, solar costs have dropped 60%. These savings make it much easier for homeowners and business owners to make the switch and the costs will likely continue to drop with new innovations.
All signs point to Massachusetts continuing to be a leader in the solar sector. The state plans to keep the SAMRT program going and costs if installation continue to come down.
Solar Trends in 2023 for Massachusetts
The year 2023 is set to be another great year for the solar industry and those who want to make the switch at their home or business. Recent policy changes have made it easier and more worthwhile than ever before for residents to get in on solar.
The Solar Energy Industries Association has worked closely with the state to expand the SMART program from 1,600 megawatts of capacity to 3,200. This means more MA residents can get in on the incentives and save more money in the long run.
The association has also provided support for the Northeast Clean Energy Council’s intervention with the Department of Public Utilizes. The DPU has been working to improve policies regarding distributed solar interconnection. This could lead to an easier time for residents and electric companies when it comes to connecting solar panels to the local grid.
The cost of panels and installation services has dropped significantly and now sits at less than half the cost of installing solar 10 years ago. This is due to several factors such as production costs and improved installation techniques. With the rise of solar energy companies, more competition has made the field more competitive, requiring companies to charge a fair price for their services. These are all great advantages for residents and business owners who want to switch to solar.
Businesses Are Going Solar, Too
Savvy business owners know how to find ways to save money, and solar power has become one of the latest and best ways to save. Companies like Walmart, Target, and Home Depot have all gone solar in Massachusetts. The move significantly lowers their carbon footprint while providing the same amount of power they need every day.
While solar power is a great move for businesses with large properties, it’s also very valuable for those with smaller buildings. Reduced usage of traditional electricity in favor of solar can greatly drive down the overall power consumption at a store, restaurant, office, or another place of business. Commercial tax breaks like the MACRS program can be very worthwhile for any company. The state of Massachusetts have a wide range of these types of incentives, which you can read about here.
The solar industry in Massachusetts should continue to see growth and development in 2023 and well beyond. The Inflation Reduction Act of 2022 put $369 billions aside for green energy initiatives which will likely include solar energy. The SMART program will continue to incentivize adoption of solar power in MA. Experts anticipate 973 MW of energy being produced by solar over the next 5 years throughout the state.
When it’s time for your home or business to go solar, turn to BD Electrical & Solar to handle the project. We’re the premier electrical contractor for Massachusetts’ South Shore, Cape Cod and the islands. Contact us now or call to schedule a consultation.
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