There are several incentives to install solar power on your property in Massachusetts. Solar systems installed prior to December 31, 2011 are exempted from tax. SRECs are also available to you, allowing you to sell the energy back to your utility and earning income over the lifetime of the system.
Program SMART
The SMART program for solar in Massachusetts is a state-mandated incentive program that supports solar deployment across the state. The program pays a fixed per-kWh rate for solar power over the life of a solar system, and also encourages battery storage. Massachusetts has increased its solar target to twice the amount since last year and made it mandatory that all solar systems with more than 500 kW are paired up with energy storage.
The Department of Public Utilities has approved the SMART solar program in Massachusetts. While utilities had proposed caps on the on-bill credits for solar projects in their communities, the DPU rejected both proposals. A proposed fixed fee on all ratepayers was also rejected by utilities. Instead, they opted to impose a volumetric cost that is less burdensome on ratepayers.
Exemptions from property taxes
Massachusetts offers a tax exclusion for solar and wind projects. This tax break may apply to homeowners who own homes in Massachusetts. But, it is important to know the rules for property tax exemption when you install a wind or solar energy system. If you plan to sell the electricity you produce to an electric company, you can't claim the solar tax exclusion.
You must apply for the exemption by filling out an application and submitting it to the local assessor. The exemption is valid up to 20 years. After the exemption ends, you must make a new application to get the exemption. Your assessor will note the year on you property record card. This indicates that the exemption will soon expire. An additional list of exempt devices should be kept separate by the assessor.
Financial incentives
Massachusetts is one of the most popular states for solar energy. They offer excellent financial incentives to solar panel installers. These incentives can help lower the cost of installing solar panel and increase the payback period. Massachusetts offers one of the best solar incentive programs in the country, the Solar Massachusetts Renewable Target program. This program pays customers a fixed rate for each kilowatt hour over ten years.
This state offers various financial incentives for solar installations, including tax credits as well as rebates. It is working to achieve its Clean Energy Standard. This means that its renewable energy portfolio targets are aligned with this goal. Massachusetts residents can receive tax credits from both the federal government and the Commonwealth. Some cities and towns also offer rebates. You could get a tax credit up to 30% depending on your income. Massachusetts also has a new solar tariff program. It assigns a price to the energy you generate and then send back to grid. This program replaces the earlier SREC and SRECII programs.
Legality
You need to understand the laws of solar easements if you plan on installing solar panels in Massachusetts. These are agreements between you or another person that grant you permission to install solar panels on the property of their business. This allows you to get tax benefits and also save money. Also, solar panels must have access to the sun for proper functioning.
Massachusetts is committed to increasing renewable energy sources and solar energy systems have been gaining popularity. The state is currently facing several legal challenges due to the popularity of solar energy systems. A recent decision by the Massachusetts Supreme Judicial Court ruled that solar energy systems are not a violation of zoning laws.
Costs
A great way to reduce your energy costs is to install solar panels at your home. The costs of solar panels will vary depending on their size. However, the average Massachusetts cost per watt is between $2.67-$3.31. There are many ways to cut costs and ensure that your solar system is a good investment for your home. Ask a local solar contractor for an estimate so you know how much your project will run.
Massachusetts offers many incentives to solar panel installation. The state offers incentives for solar panel installation, including exemption from sales tax and a tax credit of up to $1,000 for renewable energy. For producing solar electricity, you can also get up to $1,000 in income taxes credits. Massachusetts has an SREC marketplace for solar electricity produced by homeowners. You can make a substantial income selling your excess energy to utilities.