Putting solar panels on your home can be an expensive decision, but there are incentives and financing options that can make it more affordable in Medford.
Incentives
Massachusetts is known for being a leader in solar, and provides many incentives for residents and businesses to install solar panels on their buildings. These incentives include various tax credits (up to 45% of installed cost), state rebates and Solar Renewable Energy Certificates (SRECs). With solar panels on your house, you can also take advantage of net metering (explained on the Solar FAQ page). For details on all available incentives, please visit the Mass Clean Energy Center’s website.
Financing
In addition to the many incentives to install solar panels, there are multiple financing options available to homeowners. This graphic outlines the ideas behind each financing option. All three financing methods are always available through different banks and solar installation companies, here we list the ones that the City partnered with during the Solarize Medford program.
Financing Options: Which choice is right for you?
Purchase - Invest & Own for Best Returns
- Rebates go to you
- Tax credits go to you
- SREC revenue goes to you
- Choose your components
- 25 year manufacturer panel warranty and 10 to 25 year inverter warranty
Solar Loan - Own Your System and Finance Through a Local Bank*
- Rebate and tax credits go to you
- SREC revenue go to you
- Choose your components
- Step-down financing allows you to bridge to tax credits and reduce loan principal
PPA - Power Purchase Agreement**
- No significant upfront cost
- Lock-in kWh cost for 20 years
- Maintenance included
- Solar production guarantee
- Works for excellent sites & simple installations