Eversource Energy Solar Program Overview
Eversource Energy (Eversource) is one of the larger energy companies in the US and has been around for 54 years. Formerly known as Northeast Utilities, Eversource Energy provides service to about 4 million people in Connecticut, Massachusetts and New Hampshire. It does not generate electricity, purchasing the energy it distributes from other generation facilities.
An exception to this is the electricity that Eversource produces via its solar facilities and solar customers. Eversource also supports solar customers (and more every day!) who are connected to the energy grid. In the long run, installing your own home solar system can save you money, especially when you take advantage of existing solar rebates and incentives from Eversource as well as those from state and federal governments.
How the Eversource Solar Program Works
Solar energy generated from your own solar panel system can be used to power your home, store energy in a home battery, or sell the power back to the electricity grid. To power your home, you need a solar system and sunlight. To store energy for future use (like at night), you need a special home battery. To sell power back to the grid, you need a two-way system and a meter that is hooked up to the utility grid. These function together to send energy back to the grid and offset your electric bill, a program which is called net metering, Net Energy Metering or NEM.
Eversource offers NEM. EnergyPal can help you determine if it applies to your home. The energy you sell back to the grid is purchased at rates set by state law and is typically somewhat less than what you pay for your retail electricity. This amount you sell back to Eversource becomes a credit and goes against the cost of retail electricity you use when you cannot supply yourself with enough solar energy. Sometimes the amount you can sell back to the grid is capped.
At the end of your 12-month billing cycle, you receive a True-Up statement. This shows a net charge if your charges for consumed energy exceed your credits for excess solar energy contributed over the last 12 months. Conversely, if your credits for producing surplus solar energy from your panels exceed what you were charged for consumed energy, then Eversource compensates you. Overall, you can offset your electric bill to near zero! However, Eversource usually will not compensate you above 100% offset of your electric bill charges, credits do not apply to monthly infrastructure charges, and in some states credits do not carry over to the next 12-month billing period. EnergyPal will help you size and configure your solar and home battery system appropriately to ensure you maximize your financial savings and energy independence.
Becoming an Eversource Solar Customer
In addition to reducing fossil fuel consumption and diminishing your carbon footprint, you can reduce your monthly bill, improve the resale value of your home and avoid power loss during outages with your own solar (or solar-battery) system. EnergyPal will help you follow these steps:
- Download your Eversource bill information on your annual usage..
- Assess the solar potential for your home, and analyze your roof.
- Compare quotes for solar panel systems and finance options.
- Prepare the interconnection agreement, and sign documentation.
- Install your solar system using qualified workers.
- Pass inspection with local inspectors.
- Eversource will install new meter(s) so you can get credit for generating your own power!
Upfront Eversource Solar Incentives
There are multiple incentive programs available to reduce the upfront costs associated with solar system installations. Most are state based. Massachusetts residents can take advantage of the:
- Solar Massachusetts Renewable Target (SMART) program. This program pays home and business owners who install solar and solar-battery systems a certain rate per kilowatt-hour (kWh) produced. The rates are guaranteed for 10 years. Enrollment is limited.
- Mass Save HEAT loan. This is an interest-free loan available to Massachusetts residents to fund purchase and installation of home batteries.
- MASS Solar Loan. This program provides incentives in the form of interest rate buydowns, loan loss reserves and direct loan support for Massachusetts residents who qualify (income-based).
- Massachusetts residents can qualify for income tax credits up to the lesser of either $1000 or 15% of project costs.
- ConnectedSolutions Demand Response program. This program pays Massachusetts and Connecticut residents who allow Eversource to use the energy they store in a home battery for three hour increments between 2 p.m. and 7 p.m. Residents are notified in advance, and use will not occur during severe weather.
- Sales tax incentive. Massachusetts residents do not have to pay sales tax on solar systems.
Connecticut residents can take advantage of the:
- Residential Solar Investment Program (RSIP). This program gives Connecticut homeowners a rebate based on the size of their newly-installed, well-designed solar system. There is also a rebate program for those who lease solar systems. Enrollment is limited.
- Energy Conservation Loan (ECL). Eligible Connecticut residents can qualify for no or low interest loans for solar systems.
- Smart-E Loan. This is a no money down, flexible, low-interest loan for homeowners that can be used for solar systems and solar water heaters.
- Sales tax incentive. Connecticut residents do not have to pay sales tax on solar systems.
- ConnectedSolutions Demand Response program. This program pays Massachusetts and Connecticut residents who allow Eversource to use the energy they store in a home battery for three hour increments between 2 p.m. and 7 p.m. Residents are notified in advance, and use will not occur during severe weather.
- Sales tax incentive. Massachusetts residents do not have to pay sales tax on solar systems.
Residents of New Hampshire can take advantage of a state incentive program that pays homeowners up to $1000 after they install a solar or solar-battery system.
EnergyPal is available to help you navigate Eversource bills and the Eversource solar program requirements and steps for installing solar. Start by requesting a quote, and we’ll help you through the whole process so you get the right system at the right price and offset your Eversource electric bill.
References
- https://en.wikipedia.org/wiki/Eversource_Energy
- https://www.eversource.com
- https://www.tdworld.com/renewables/article/20972258/eversource-builds-19-new-solar-sites-in-new-england
- https://www.masssave.com/en/saving/residential-rebates/heat-loan-program
- https://news.energysage.com/solar-massachusetts-renewable-target-smart-massachusetts-srec-replacement-program
- http://masmartsolar.com
- https://www.masssolarloan.com/loan-support-incentives
- https://www.energysage.com/local-data/solar-rebates-incentives/nh
- http://www.gosolarct.com/2-Savvy-Solar-Shopper/State-Solar-Incentives
- https://ctgreenbank.com/programs/homeowners/