The city of Lynn is making impressive progress in its journey towards becoming a recognized "green city". The Massachusetts Department of Energy Resources officially designated Lynn as a Green Community, a testament to its commitment to clean energy, reducing energy consumption, and curbing emissions.
As part of this commitment, all Green Communities, including Lynn, strive to slash municipal energy consumption by 20% over a span of five years, in addition to fulfilling four other criteria established by the Green Communities Act. A generous grant of $495,030 from the state has facilitated Lynn's investment in energy conservation measures such as LED lighting, HVAC controls, improvements to building automation systems, and new boilers with fuel conversion at numerous municipal facilities.
The city has not only garnered state support, but also received an incentive of $100,461 from National Grid, bringing its total investment in energy conservation measures close to a robust $655,000. The city remains steadfast in its commitment to sustainability, with hopes to continue these energy conservation efforts through a subsequent grant application for $200,000.
In terms of solar initiatives, residents of Lynn stand to benefit from a myriad of financial incentives at federal, state, and local levels, making solar panel installation and use increasingly affordable. These incentives include a medley of tax credits, rebates, Solar Renewable Energy Certificates (SRECs), net metering, and tax exemptions.
The federal Solar Investment Tax Credit (ITC) offers reductions in the cost of solar installations by 26-30%, depending on project completion dates. The 2022 Inflation Reduction Act expanded this program, renaming it as the Clean Energy Credit, which also now covers energy storage systems. Solar projects completed between 2022 and 2032 may be eligible for a 30% tax credit. State and local incentives might also be available in the form of rebates or tax credits from the Massachusetts government or local entities.
The financial benefits of installing solar panels in Lynn are significant, with projected annual savings amounting to around $1,183.92, translating to a substantial sum of approximately $22,494.42 over a 20-year period.
Lynn's demonstrated commitment to energy conservation and investment in solar power mark it as a progressive city deeply invested in a sustainable future.