A recent survey by New England Clean Energy asked Massachusetts solar owners which of the three was a better investment: a solar installation, a property renovation, or a car. Results showed that 70% of Massachusetts's solar owners believe solar energy is the best investment a homeowner could make. Only 29% said a property renovation, and 1% said buying a car.
Massachusetts's solar owners gave solar systems a 95% approval rate, a very high percentage to compete with. Additionally, 96% of respondents said the government should subsidize the solar market, showing the support the public has for the growth of solar.
There are ways around the expensive up-front cost of solar, as customers have shown to successfully use. 63% of solar owners used their savings or money from a separate bank account to make their investment, while 28% used a loan or mortgage refinancing. Loan programs and tax credits have allowed for tons of customers to afford their installation without any financial issues. The survey revealed that the main reason for the increase in solar installations has been the 30% federal tax credit for since it was introduced 7 years ago. The long-term savings of solar allow customers to pay off their loan in a timely manner. As customers have shown to agree, the long-term investment of solar has been well worth it!
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