Breaking Down 2022 Massachusetts Solar StatisticsMay 31, 2022
Let’s get into the nitty-gritty details – we’re talking statistics. More specifically, solar statistics. Keeping an eye on and breaking down statistics is one of the best ways to advocate on behalf of solar power and other renewable energy sources.
Continue reading as we break down key solar stats in Massachusetts and nationwide. We’ll also break down how federal incentives, such as the Solar Investment Tax Credit, have encouraged positive solar industry and economic growth.
Solar Statistics In Massachusetts
First, let’s start with local statistics about solar in Massachusetts. Our main source of information will come from an information and statistics sheet from the Solar Energy Industries Association (SEIA) published in March 2022. Currently:
- Massachusetts ranks 10th in the nation in solar installations. We ranked 14th in 2020.
- There are 125,219 installations recorded at the time of this report.
- There is currently 3,607.36 MW installed in the state – a massive increase from the 408.52 MW total in 2020.
- The solar industry has created 9,500 jobs in Massachusetts.
- The state is projected to install 1,537.22 MW in the next 5 years.
There is currently enough solar installed to power over 653,000 homes and the price of solar has seen a 4% decline over the past 5 years. In addition, almost 20% of Massachusetts’s electricity is generated via solar power.
SEIA goes on to explain that:
“The Massachusetts [solar] market is shaped by net metering and a renewable portfolio standard with a solar goal, along with an accompanying SREC market. The Solar Massachusetts Renewable Target (SMART) program was established in 2018 and has driven significant solar deployment in the state, acting as a template for other states to follow.”
What Do These Stats Mean?
It’s clear to see positive solar energy growth in our home state. Despite the pandemic, Massachusetts has achieved a top 10 ranking for solar across the country.
Local incentives, such as net metering, the SMART program, and the Massachusetts State Tax Credit have created an environment where solar energy isn’t just responsible, it’s cost-effective. Rooftop solar also protects homeowners from rising electricity costs and raises property values (more on that below).
The solar industry has also boosted the job economy in Massachusetts. Around 9,500 people have found sustainable careers in the solar industry.
Rooftop Solar Protect MA Homeowners From Rising Electricity Costs
The cost of electricity is always rising, especially in today’s global climate – speaking both politically and environmentally. Thankfully, rooftop solar can help protect homeowners against the rising costs of powering their homes.
Rooftop solar reduces the homeowner’s reliance on grid energy. This lowers your electricity bills (eliminating, in some cases) and hedges against the rising costs. State programs, such as net metering and the SMART program, also protect homeowners financially. In addition, rooftop solar has been proven to raise property values due to their desirability on the market.
For a full breakdown, please visit our article, “How Does Rooftop Solar Protect Against The Rising Costs of Electricity?”.
National Solar Statistics
Let’s broaden our scope and talk about solar at a national level. To put it simply, the solar industry is booming. This speaks to the strength and power of the industry, especially after a global pandemic. A national report of solar statistics from SEIA reports that currently:
- There are nearly 231,500 people employed by the solar industry.
- A new solar project completes every 60 seconds.
- There is 121.4 GW of solar installed in the United States. That’s 121,400 MW!
- There are over 3.3 million solar installations in the country.
- In 2021, the United State’s solar market was valued at $32.9 Billion.
- Solar power has helped reduce 1250 million metric tons of carbon emissions.
- In 2021, 46% of all new generating capacity came from solar.
- There is currently enough solar energy to power 23.3 million homes.
What Do These Stats Mean?
Similar to the Massachusetts numbers, these statistics indicate heavy positive growth for the solar industry, market, and installations. In a separate report, SEIA states that “in the last decade alone, solar has experienced an average annual growth rate of 33%.”
Private and public sectors across the country (and the globe) are calling out for clean energy, and the solar industry is more than willing to accommodate.
The stats also show that the solar industry is more accessible than ever before. There are over 10,000 solar companies throughout the United States. Due to availability, technological advances, and great local solar companies (such as SunPower by BlueSel Home Solar) solar PV prices have fallen 4% over the past 5 years.
Additionally, solar continues to boost the economy on a national scale. The industry has employed over 231,000 people. While you may immediately think of solar professionals as engineers – and make no mistake, we have plenty of phenomenal solar engineers – the industry also employs sales, marketing, and office personnel, further supporting a sustainable job market.
And there’s no denying the incredible effects that solar has on our environment. With over 1250 million tons of carbon emissions reduced, solar energy has become a reliable source of sustainable energy that helps keep our planet safe.
Impact of the Solar Investment Tax Credit (ITC)
On a national level, a key factor in the success of solar power has been the Solar Investment Tax Credit (ITC). The 33% annual solar growth is often attributed to this tax credit as it makes solar installations more financially viable for both commercial and residential properties.
As SEIA explains, “Since the ITC was enacted in 2006, the U.S. solar industry has grown by more than 10,000% – creating hundreds of thousands of jobs and investing billions of dollars in the U.S. economy in the process.”
For context, a federal tax credit is “a dollar-for-dollar reduction in the amount of income tax you would otherwise owe. For example, claiming a $1,000 federal tax credit reduces your federal income taxes due by $1,000.”
Currently, the ITC allows residential homeowners to credit 26% of their solar installation cost on their yearly income taxes. To qualify, the solar installation must begin construction that same year.
However, it’s worth noting that the 26% is set to drop down by the end of 2022. In 2023, the credit will fall to 22%, then expiring completely for residential owners and dropping to 10% for commercial or utility-scale solar in 2024. So don’t wait too long to have your rooftop solar installed.
In 2020, congress voted to delay the ITC phasedown, keeping the credit at 26% for an additional two years. While there has been advocacy to further delay the phasedown, nothing has been confirmed as of yet. If you would like to have your voice heard, be sure to fill out this form created by SEIA.
For a more comprehensive breakdown and how to apply for the credit, please visit our article, “What Is The Federal Solar Investment Tax Credit (ITC).”
Be Part of a Brighter Future!
As the above statistics show, solar energy is poised for a bright, strong, and sustainable future. Best of all, this applies at both national and state levels.
So if you’re looking to join the solar community, there’s never been a better time! Reach out to our offices and we’ll discuss whether going solar is right for you and plan the next steps.
You can also get an instant, free, and personalized solar quote using our satellite technology.