For installations taking place after November 26, 2018, SMART will replace the current SREC program. While the details of the programs differ, their intention is the same: to incentivize Massachusetts residents and businesses to go solar by paying cash for green energy production. (Installations currently on SREC will remain on SREC.)
The first iteration of SMART will add an estimated 65% over retail to the value of every solar kWh produced!
How the SMART Program Works: 5 Benefits
- In addition to saving on your electric bill, SMART compels utilities to directly pay you $0.143 per kWh produced for 10 years after your installation date. Now you aren’t paying Eversource each month – and Eversource is paying you!
- Perhaps the best feature of the new program is that payments will now be allocated monthly instead of quarterly. Thus, you can more easily see how the financial benefits offset your monthly expenses. Monthly payments are especially attractive for solar loan customers, many of whom will now see positive cash-flow each month until their loan is paid off.
- You’ll be paid for the energy that your panels produce each month. You don’t have to worry about hitting a certain production mark in order to reap your rewards.
- The incentives in this program are at a fixed rate. Therefore, you’ll always know exactly how much you’ll be paid for the program’s duration.
- You can earn bonus payments by investing in other clean energy technologies like solar battery storage.
All of these benefits are in addition to the existing federal and state tax credits. Income-based loan support and access to Mass Solar Loans are available, making SMART a viable option for all income levels.
If you have any questions about the SMART program, please contact us – we’re happy to help explain how it works, how it will affect you, and what benefits you’ll enjoy.
A note regarding the SREC program: Installations completed before the Nov 26 deadline are locked into SREC.
