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Incentives in Massachusetts
Massachusetts Solar Power Tax Credits
The state of Massachusetts offers a 15% tax credit on the net cost of your solar system. This means your federal tax credit must be applied first before your state tax credit is calculated. The cap on this state incentive is $1,000.
Solar Power Performance Payments
SREC’s (Solar Renewable Energy Credit) are tradable credits earned by the amount of solar energy your solar system produces. Each 1,000 kWh of electricity your solar system produces you earn 1 SREC, and the the price of each SREC will vary over time. You can either collect and sell your SREC on the open market, or sign an agreement with a SREC broker who will lock your rate in for a 3 or 10 year term. When you sign your SRECS away to a broker, you will most likely be paid out in cash, once per quarter over the lifespan of your agreement. SREC’s can be confusing, feel free to ask us for more detail.
Massachusetts Solar Property Tax Exemption
Despite the increase in value to your home when you install a solar power system, property tax laws in Massachusetts protect your property from increases in tax assessments.
Rhode Island Solar Sales Tax Exemption
Your purchase and installation of a solar energy system for your home will be 100 percent exempt from all sales and use tax.
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Common Solar Benefits
Decrease in electricity cost
Protection against future utility electricity rate increases
Great return on investment
Increased home value by at least the cost of your system
Cleaner and more sustainable energy source of power
Stimulation of the State’s job growth in green technology
Stimulation within energy sectors of the State’s economy