Salt Works Energy’s principals afford the knowledge and incentive necessary to efficiently steer projects from conception to commercial operation. The Massachusetts SREC-2 solar initiative has a goal of 1600 megawatts by 2020. This represents four times the previous goal of 400 megawatts in the SREC-1 program, which exceeded targets four years prior to the 2017 projected date.
Commercial Solar Power Installations (200-2000kw)
The sun’s rays supply vast solar energy, which in turn, can be converted into electricity or heat. Solar energy is free and does not contribute to the production of additional global greenhouse emissions, acid rain, or smog. The cost of solar energy technology has decreased significantly as the technology and market mature globally and within Massachusetts. Projects range between 200 and 2000 kilowatts at a range of commercial facilities including real estate, retail, healthcare, lodging and parking facilities.
Danvers Indoor Sports (DIS) Salt Works Energy developed the 1300kw rooftop project for Danvers Indoor Sports with IRC Solar. The power is being sold under a long term agreement to the Danvers Municipal Light Department.
Danversport Yacht Club (DYC) Salt Works Energy collaborated with the DYC on a solar canopy project serving the internal electricity requirements of the facility. In operation since the spring of 2014, DYC now generates the equivalent of 275,000 kilowatt hours of clean power a year – or about half of the club’s power needs; provides covered parking for 40 customer spaces and a place to recharge electric cars; and allows the DYC to earn revenue from solar green-energy credits.
Russo Marine When the dealer, a prominent name in the boating community in Boston and on the North Shore, relocated their marquee location from Medford to Danvers, they reached out to Salt Works Energy to install solar roof panels and embrace green energy and efficiency in their new location.
Four City Solar Farm Salt Works Energy recently led the development of 10 megawatts of large scale solar farms in four Massachusetts communities with a capital investment of $40 million. Previous power development experience includes the installation of 1500 mw of large gas turbine projects in the state.
Benefits of Solar Installations in Massachusetts
Commercial solar projects provide returns in the range of 15-20% IRR and higher, dependent upon the owner’s use of 30% investment tax credit and five year depreciation. Alternatively, lease purchase packages can be arranged which are cash flow positive in year one without any cash outlay. The Salt Works Energy team arranges financing and the placement of solar green energy credits. SREC-2 provides green credits in the range of 20-25 cents over ten years.
Net metering allows customers of certain electric distribution companies in Massachusetts to generate their own electricity in order to offset their electricity usage. Consumers receive credits for any electricity that they generate but do not use. For more information, visit the Commonwealth of Massachusetts website.
“In the state of Massachusetts, businesses may deduct from net income expenditures paid or incurred from the installation of any “solar or wind powered climatic control unit and any solar or wind powered water heating unit or any other type unit or system powered thereby,” including labor expenditures.
Massachusetts law also exempts any “solar or wind powered climatic control unit and any solar or wind powered water heating unit or any other type unit or system powered thereby,” that qualifies for the state’s excise tax deduction. The exemption is in effect for the length of the system’s depreciation period.
Certain criteria must be met, see the Massachusetts Department of Revenue guidance for more information.”