If you live in Massachusetts, then you should know that you can take advantage of many tax incentives to install solar power. The first is Section 1603 grant for installations completed before December 31, 2011. This program is also known SREC. You can earn money selling the solar electricity you produce. Your system can be paid off in five to six years, and you will continue to earn income for its life.
Tax credits
In Massachusetts, tax credits for solar installations can make the investment more affordable for homeowners. Solar panels can be installed on residential buildings by the state government through a program called the Solar Massachusetts Renewable Target. Customers who install solar panel systems in their homes are eligible for monthly payments. The program is sponsored by Eversource (among other utility companies) and Massachusetts Department of Energy Resources. The goal of the program is to generate at least 3,200 megawatts of solar energy in the state. Your system must be connected with one of three investor-owned utilities to be eligible. Each utility has different criteria for qualifying projects, and the rebate amount can vary greatly.
Massachusetts also offers Solar Power Performance Pays. Also known as production incentives, These payments pay small amounts of cash based upon the actual performance or your renewable energy system. This is more efficient than paying for the system's rated power. As a result, you can get credit for the electricity you produce, which will help your solar PV system pay for itself.
Exemptions from property tax
Massachusetts property tax exemptions can be a great way homeowners to save money and reduce their tax bills. To qualify, you must have owned your home for at least one year. There may be exemptions in certain cities or towns. However, not every homeowner will be eligible. Specific requirements for exemptions vary depending on which municipality you are in and what tax collection period you are.
You must file a Form of List if you have taxable personal property. This form must filed by March 1 prior the beginning of the fiscal years. A Form of List must be filed if you have any furnishings or effects.
The Massachusetts National Guard or Reserve might be eligible for tax exemptions on real and personal property. Hingham, MA approved recently a program to decrease taxes for veterans and military members. Contact your local assessor for more information. Veteran veterans may be eligible to receive a tax abatement up to $1,500 on their real and personal property taxes.
State solar incentive program
The Massachusetts state's solar incentive program (SMART), has recently been extended to include lower-income customers. Incentives are offered based on solar panel production per kWh. Customers can expect to receive rebates for 20 to 35%, depending on which utility they use.
This program promotes Massachusetts' 1.6 GW increase in solar power. The state has eight 200-MW sequential tariff rates that are first-come-first-served. Therefore, the sooner you sign a contract for a solar energy system, the more reimbursement you will receive. Massachusetts has an average of $950 per year in SMART payments for solar power systems.
The SMART incentive program is a complex system that provides incentives to solar projects. It is designed for energy equity, distributed production, and reliability. You can calculate incentives using the spreadsheet tool included in this program. It also requires that solar projects have a net-metering policy. In Massachusetts, if a solar project generates less than 60 kW, the utility will compensate the homeowner for that amount by offering a discount on the retail rate of energy.