As a Massachusetts property owner, do your worries of massive expenditure upfront comes in the way when you think of installing solar panels? If this is the case, then you are going to love hearing that there are numeral financial incentives provided by the State to make it an affordable thing for the state population.
The step is taken by the government to encourage the people of Massachusetts to try solar energy as their primary power source. For this, states are incentivizing the citizens by offering tax credits and many other attractive programs. According to statistical data, the State already invested up to $6500 million, where it covers almost 428,380 residential homes getting their power from solar projects.
i) Residential Renewable Energy Income Tax Credit
Do you know that there is a way to benefit through tax credit state wise? Yes, this financial scheme can fill your pocket by offering 15% as a credit on the overall cost of your solar machinery installation. However, there is a capping of $1000 that you can avail from your state income tax. You can now see there is a way to save a whole lot, and with the addition of federal tax credit, it can increase your savings tremendously for your next solar system installation.
ii) Federal Tax Credit For Solar Power
This tax credit scheme is one of the most popular and most significant solar incentives available for citizens. With this program, people can claim rebate up to 26% on their solar energy installation as an income tax credit. For e.g., suppose you are installing a 25000 qualified solar project than according to this scheme you are supposed to get back $7500 on your taxes imposed by the federal government. But, you have to avail this great 26% tax credit offer by the year 2020. Otherwise, the rates will go down to 22%in 2021 and will further decline to 10% with an additional condition that says that it will be available to commercial building owners only.
iii) Exclusive SMART Program for Massachusetts citizens
Now, as a resident of Massachusetts, you can take massive advantage from the Solar Massachusetts Renewable Target Program, shortly called SMART. Now, it is a no brainer why any future and current solar energy users will skip this great opportunity where they are going to get incentives for sending solar energy to utility company’s power grid. The fixed-rate varies as the location and utility service providers changes, and you can optin on this program for 10 years.
Now, if you are overthinking and not taking action to join this fantastic incentive program than join as earliest as possible. Because the base rates are declining with each “blocks” getting filled with the State’s faster implementation towards achieving Renewable Portfolio Standard of 35% by 2030.
iv) Massachusetts Net Metering Provision Program
The citizens of Massachusetts are the luckiest if they are planning to install a solar energy system in their houses. It is because of the availability of the Net Metering option. With this option at citizens’ disposal, you, as a resident of MA, can earn credits from any extra energy produced from your solar system. Even though the earnings depends on the system’s size and location but overall the owners
have the upper hand.
When it comes to interconnection standards, the MA government has the most minimum documentation process. This makes the connection of residents solar system to the grid hassle-free. The State has made measurable improvements with their interconnection guidelines and norms to make sure the utility companies can follow them without any trouble. Due to tireless effort from the government side, the complicacies for solar users to plug into the grid and give power to utility company through net metering is drastically reduced.
v) Exemption From Property Tax
It’s a self-explanatory point, which means that besides the benefits from state and federal financial tax credits, as a solar energy user, citizens will be exempted from their property tax for a period of at least 20 years.
vi) Exemption Of Sales Tax
As a solar energy consumer, you may know the fact that the resell values of commercial homes with solar equipment installed goes up substantially. It can result in additional taxes on the property. Thankfully, the citizens of MA have the luxury to save a considerable amount through this Sales Tax exemption facility. So, there are mainly two major benefits for solar electricity users. First, the home has a higher resale value, and secondly, they can save more bucks in utility bills each month.
For more information, you can visit this link: https://www.masscec.com/solar-incentives-and-programs
So, you have read the whole article and realized the benefits of becoming a solar energy user. Then why waiting?
There is no way people of MA already using solar power can ignore these amazing incentives available for the year 2020.