Free Solar Panels in Massachusetts
I am skeptical when someone says you can something for nothing. Between leasing and solar loans, you can have solar installed on your Massachusetts home for no money down and you can choose which “free solar panel” option makes the most sense all while saving money right away.
When our company first started out, free solar options did not exist in Massachusetts. Solar power was a large upfront investment, one that many families could not afford with approaching college tuitions and retirement. Homeowners had huge concerns about using their cash reserves and couples argued if a solar investment was a good decision for their family.
Does free solar really means it is free?
It depends what you consider free. Merriam-Webster defines “free” as not costing any money. Solar panels in Massachusetts are free in the sense that your solar payment will be lower than your energy costs right from the start. With Massachusetts electricity prices rising 18% in the past year, residents are looking for a lower cost alternative to their utility. We are thankful that good no-cost financing options now exist for Massachusetts homes. We can also show you statistics why solar panels are a better investment than stocks, and how they will increase your home’s value.
Solar is not a scam or a pyramid scheme, but try to speak to a reputable solar company.
We have worked for the most skeptical customers who thought it might be a scam or one family member even called it a “pyramid scheme”. Solar panels are one of the safest investments you can make when you have a good site for solar. However, you can’t get “free solar” on just any home. We will have to evaluate the orientation (or direction the roof faces), the pitch, and nearby shade obstructions. If you have a complicated roof structure, that may also limit the number of panels we can install. I don’t want anybody to think we’re being deceptive. A customer will have to pay a solar loan or lease payment, but the monthly electric bill savings and SREC income can more than cover the loan payment. That said, there are a lot solar companies who want to sell you on “free solar”. Be careful of of lead generation firms who will sell your information to multiple contractors or new, inexperienced solar installers who may sell you a bill of goods they can’t deliver.
Free Massachusetts solar options include:
Mass Solar Loan
The best thing about Mass Solar Loan is that you get a zero down, low interest rate loan (subsidized by Massachusetts) and loosened credit restrictions. We also like the income-based loan support, flexible loan terms (5 to 10+ years), and no prepayment penalty. As on April 26th, 2017, interests rates start at 2.75% for a 5 year loan and 3.25% for a 10 year loan. Please note: This rate is not available at all Mass Solar Loan participating banks and interest rates are subject to change.
Solar Lease or PPA
Solar leases or a Power Purchase Agreement (PPA) typically have a 20 or 25 year term and are paid on a monthly basis. Leases offer a fixed monthly charge while PPAs are calculated based on a price per kWh. In these arrangements, solar panels are owned by a third-party financier who takes care of maintenance, monitoring, and insurance, as well as offering a power-production guarantee. Of the three options, this one is my lease favorite because our customers get the smallest return.
When it comes to free solar panels in Massachusetts, there are great options for equipment and financing. It can be very confusing for a consumer to choose the right one, especially because most installers offer only one of the financing methods mentioned above. Let an experienced and trusted solar installer, like Brightstar Solar, help you choose the most appropriate solution for your needs. Please contact us for a no-obligation solar evaluation and we can tell you if free solar panels are possible for your Massachusetts home.