Solar Energy Incentives In Massachusetts

Residential renewable energy income tax credit.

Solar energy incentives in massachusetts. Massachusetts solar incentives rebates and tax credits customer s ability to monetize rebates incentives and tax credits depends on several factors including without limitation continued state subsidization of these policies the applicable sunrun product type and whether a customer purchases or leases a solar system from sunrun. However the experts agree that massachusetts is an excellent location for. Massachusetts personal income tax credit a credit of 1 000 or 15 percent of qualifying project costs whichever is less solar massachusetts renewable target smart program a production based incentive that is paid directly by investor owned electric utilities in massachusetts to solar electric system owners. 2 in massachusetts you can also receive 15 of the system cost as a credit against your state income tax up to 1 000.

A federal tax credit allows you to deduct up to 26 of the cost of a solar panel system from your taxes although this percentage will decrease in 2021. Let s take a look at the top ma solar incentives that we recommend to the prospective solar shopper. State lawmakers have taken an interest in ensuring that renewable energy is and will remain a lucrative and ever growing source of both energy and revenue. Residents of massachusetts are offered a wealth of options for funding the installation of a solar energy system in their homes.

When it comes to clear cut state solar incentives it doesn t get a lot simpler than the ma renewable income offer. The most significant incentive to install solar panels for homes and businesses in massachusetts is the federal solar tax credit. Under this credit the owner of renewable energy systems get a 15 coverage of the system cost against his or her ma income tax with a 1000 maximum credit amount. At the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation.

Federal and state tax incentives lower your costs.