Massachusetts has become known for its great solar incentives and programs for homeowners with some of the best benefits in the country. Here are the available incentives for your solar investment:
Federal Investment Tax Credit (ITC)
Homeowners who purchase their solar systems can reduce the cost of their PV solar system by 26% through the Investment Tax Credit (ITC).This credit applies to customers who purchase their solar system (as a cash purchase or through a solar loan).
Renewable Energy Income Tax Credit (Residential)
The Massachusetts renewable income offer is a clear cut incentive that covers 15% of the solar system cost against your MA income tax with a $1,000 maximum credit amount.
Customers can receive utility bill credits for the excess amount of energy their solar systems generate each month. These credits can then be used when your system isn’t generating power (at night or on cloudy days, for example). A number of factors, including your system size, have an impact on the credit values you can store.
Solar Tax Exemptions in Massachusetts
Two major tax exemptions are available for solar homeowners in addition to the income tax exemption. The sales tax and property tax breaks ensure 100% exemption from both sales and property tax payments, which can add up to big savings over time.