Friday Dec 09, 2022

2022 Massachusetts Solar Tax Credits & Other Incentives – EcoWatch

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Broadly speaking, state governments have led the way in implementing renewable energy policies in the U.S., and a couple of states have always been at the forefront of these efforts. Despite not having the vast land of California or the year-round sun of Arizona, the availability of a Massachusetts solar tax credit has long been a reason that this New England state is a top state for solar energy installations.

According to the Solar Energy Industries Association, Massachusetts is currently eighth in the country for solar energy installations, which is especially impressive given how small the state is geographically compared with many of the states it’s outranking. For residents, the availability of Massachusetts solar rebates and incentives has made solar energy an appealing and logical option, and in offering such opportunities, the Massachusetts government has set a great example for the rest of the country.

If you live in Massachusetts and are wondering how much a solar panel system would cost for your home, you can get a free quote from a certified solar installer near you by using this tool or filling out the form below.

Massachusetts Solar Tax Credit

The most appealing Massachusetts solar tax credit available is the Personal Income Tax Credit, otherwise known as the Residential Renewable Energy Income Tax Credit. Massachusetts residents who purchase home solar energy systems are eligible for a tax credit on their income tax filing that totals 15% of the cost of the solar system (up to a maximum tax credit of $1,000).

Massachusetts implemented this tax credit back in 2016, and the direct impact is bringing down the cost of solar panels for homeowners. This serves as a hefty incentive to adopt solar power or another renewable energy system. The impact has been steady and notable, which is no doubt a reason that solar installers have seen such demand across the state of Massachusetts.

Other Massachusetts Solar Incentives

While the Massachusetts solar tax credit has been the most heralded and impactful of the solar incentives available in the state, residents of Massachusetts have several additional opportunities to take advantage. The following programs and policies make the decision to go solar even more financially savvy.

Massachusetts Solar Rebates and Incentives

Description

Solar Massachusetts Renewable Target (SMART) Program

Customers who install approved solar systems can get direct compensation for every kilowatt-hour generated by their system.

Massachusetts Solar Tax Exemptions

Massachusetts does not collect sales tax on solar systems and omits the value of solar systems from property value assessments for tax purposes.

Massachusetts Net Metering Program

Homes and businesses are paid per kilowatt-hour for all excess electricity they generate and send back to the central power grid.

Solar Massachusetts Renewable Target (SMART) Program

The goal of the Solar Massachusetts Renewable Target (SMART) program is to offer direct incentives for both residential and commercial solar energy systems that are tied to one of three investor-owned utility grids in the state: Eversource, National Grid and Unitil.

The Massachusetts Department of Energy Resources instituted this program in late 2018 and it directly pays the owners of solar systems for all power generated by their systems for 10 …….

Source: https://www.ecowatch.com/massachusetts-solar-tax-credit-2655843999.html

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