Massachusetts continues to be a leader in renewable energy production by offering exceptional incentives to residents. There is no guarantee that incentives will continue to be around, act fast to get the most out of your solar panels.
Massachusetts’ Residential Renewable Energy Income Tax Credit is available to residential property owners in the state. This incentive gives applicants up to 15 percent of the cost of their solar panel system, up to a maximum of $1,000 in state income tax credit. This incentive encourages residents to go solar to help with the state’s goals for clean energy by eliminating carbon emissions.
Along with the Residential Renewable Energy Income Tax Credit, Massachusetts has solar tax exemptions. Solar panel systems do not have a sales tax, and despite increasing the value of your home, there is no increase to your property taxes from installing solar. Adding solar to your home increases the value without paying for an increase in taxes.
Solar energy can pay for itself thanks to the number of incentives available. Massachusetts also allows residential properties to participate in net metering. This allows excess energy produced by your solar panel system to be sold back to the electrical grid, where your utility will give you credits on your billing statements. There have been recent changes in Massachusetts that now allow for larger systems to participate in net metering.
Beyond the incentives offered by the state, property owners who install solar have federal-level incentives they can take advantage of as well. The Inflation Reduction Act extended the Investment Tax Credit (ITC). Eligible property owners can receive up to a 30 percent tax credit on their solar panel systems.
While incentives are a great way to help your wallet and the environment, they are not guaranteed to stick around. While there is no end to the incentives offered for homeowners in Massachusetts, there is debate in legislation that could reduce or eliminate some of these opportunities. This means it is best to act quickly, find out how to go solar, and take advantage of these incentives.
To find out more about what incentives you could qualify for, contact an All Energy Solar representative.
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