Solar Rebate Extended & Zero Cash Down Financing Available

Phyllis Theermann

solar graphWellesley Municipal Light Plant’s (WMLP) board proudly announces the extension of its electrical solar installation rebate for Wellesley WMLP customers that sign up for solar before December 31, 2014, and install by June 30, 2015.

“With a very impressive ROI, many Wellesley residents are investing in solar and we would like to see the successful program continue longer,” said Katharine Gibson, Chairman of the Wellesley Municipal Light Plant Board. “The solar rebate is a win-win program for our customers and the Light Plant. At a time when electricity prices are likely to rise, solar energy is a good option for many Wellesley households and it helps the Light Plant control peak demand, which is a significant driver of our costs,” Gibson reported.

Wellesley’s More Power to Choose SOLAR initiative — supported by Wellesley’s Municipal Light Plant, sponsored by the Town of Wellesley Sustainable Energy Committee and run by a group of volunteers in Wellesley — offers a discounted price around 30% below the state average for solar panels.

Residents and businesses are able to receive up to $2,100 rebate from the WMLP as well as a 30% Federal tax credit, and a $1,000 State tax credit.

Wellesley’s discounted solar pricing is being offered by solar installer Astrum Solar. Astrum has now introduced a purchase finance option with zero cash down for the solar installation. This is superior to a leasing option as it allows the homeowner to retain more of the financial benefits of solar while paying for the installation over 20 years.

In addition, Astrum will donate $100 of solar equipment to the Town for every contract signed. To date that comes to $5,500.

WMLP’s rebate is provided from non-operating revenue and is estimated to provide the utility a 5 year payback. This is due to the fact that solar power reduces the “peak load” upon which a substantial and growing fixed charge is levied by the WMLP’s power suppliers. Lowering the peak load lowers the expense structure upon which rates are set and benefits all WMLP customers.

To find out if your home is solar suitable and the financial returns its could mean for you, please go to WellesleyPowerToChoose.com and check the solar box, or call 617 983-8141.

There are additional opportunities in the More Power to Choose Program, including a free thermal image to see where heat is escaping from your home, a no cost energy audit, requesting renewable energy for your home and more.

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Phyllis Theermann
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