Saugus Resident Plans to Pocket $12k in Four Years from His groSolar Solar Power System

September 16, 2010, Saugus, MA -  Generating solar electricity is now a money making enterprise, says one Massachusetts man.  He’s among the thousands of Massachusetts homeowners cashing in on the electricity produced by rooftop solar power systems. 

Ed Boesel, who recently had groSolar install a 5.3 KW solar power system on his home, estimates on top of his power bill savings of $200 per month, he’ll receive $3,000 additional cash each year for owning a solar power system in the state of Massachusetts. He is earning this extra income by selling the Solar Renewable Energy Credits (SRECs) to Massachusetts utilities.

SRECs are tradable certificates that represent the clean energy value of solar electricity production, which are then sold or traded to electricity suppliers who are required to show compliance with Massachusetts’ Renewable Portfolio Standards (RPS) by investing in clean power sources. SRECs are sold separately from the electric power the system generates, and are generated each month and administered by the Massachusetts SREC Program. 
Boesel, who hired groSolar to install his solar power system on his Saugus home last year, says groSolar not only took care of leveraging all of the state and federal tax incentives to reduce his up-front installation costs, but also facilitated his participation in the SREC Program.

“The system groSolar installed on my roof has done exactly what the company promised – it’s saving me serious money in energy costs,” said Boesel.  “In the first year, my system generated 6,500 KWH and my electric bill dropped a couple hundred dollars a month.”

In addition, Boesel expects to receive $12,000 over the next four years from the sale of his SRECS.  Combined with the rebates he received for installing the system, Boesel anticipates his return on investment will be three to four years, and he’ll then start earning a profit on SREC sales and utility savings.
groSolar CEO, Jeff Wolfe, says, “RPS standards set at the state level incentivize clean power production, and make solar a strong and profitable investment for homeowners and business.  It’s great when we can do something that’s good for both the planet and the pocketbook, and that’s essentially what the SREC market provides.”

About groSolar
groSolar is North America’s premier distributor, installer and integrator of solar energy solutions for residential and commercial installations. Founded in 1998, groSolar is the largest 100 percent U.S.-owned distributor in the solar industry, and a leading national installation company in North America. The company has offices and warehouses across the US, distributing solar electric and solar hot water systems from offices in VT, NJ, NY, CT, MA, MD, DE, PA, and CA. groSolar integrates components from leading solar manufacturers including Canadian Solar, Zep Solar, Solon, Enphase, SMA, Fronius, UniRac and other quality global suppliers, into simple solar energy solutions for customers that generate clean, reliable energy for decades. groSolar is a mission-driven company dedicated to providing high quality solar energy solutions and whole energy appreciation. groSolar’s venture capital investors include NGP Energy Technology Partners, SJF Ventures, and Calvert Social Investment Fund. grosolar.com

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