There are several incentives to install solar power on your property in Massachusetts. Installed solar systems before December 31st 2011 qualify for a tax exemption. 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.
SMART Program
The SMART program in Massachusetts for Solar Energy is a state-mandated incentive that encourages solar deployment. The program offers a fixed per-kWh rate of solar power for the lifetime of a solar system and encourages battery storage. Massachusetts has doubled its solar targets since last years and mandated that all systems larger than 500kW have to be paired together with energy storage.
The SMART program for solar in Massachusetts was recently approved by the Department of Public Utilities. While utilities had suggested caps on on-bill credits for solar project in their communities, both were rejected by the DPU. The utilities also rejected a proposed fixed charge on all ratepayers, instead opting for a volumetric charge that places less financial burden on ratepayers.
Property tax exemption
Massachusetts offers a tax exemption for solar and wind projects. This tax exemption may be available to you if you have a Massachusetts home. If you decide to install a solar, wind, or other energy system, there are some rules you need to be aware of regarding property tax exemption. The solar tax exemption cannot be claimed if you intend on selling the power generated to an electric utility.
The exemption must be applied for by filling out a form and submitting it at the local assessor. The exemption is valid 20 years. When the exemption expires, you must submit a new application for the exemption. Your assessor must note the year on your property records card. This will inform you that your exemption will end. The assessor should also keep a separate list with exempt devices.
Financial incentives
Massachusetts is an excellent state for installing solar panels and has great financial incentives. These incentives will help you reduce the cost and accelerate the payback period. Massachusetts has one of the most generous solar incentives programs in the nation, the Solar Massachusetts Renewable Target program, which pays customers a fixed rate per kilowatt-hour over 10 years.
This state offers several financial incentives for installing solar panels, including rebates or tax credits. It is also working toward achieving its Clean Energy Standard. So its renewable energy portfolio has targets that align with this goal. Massachusetts allows you to receive tax credits from federal and state governments. A few towns and cities also offer rebates. Your income level may determine how much tax credit you receive. Massachusetts has also created a solar tariff program. This assigns a value for the electricity you produce and return to the 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 legal agreements between you and another person or business that gives you the right to install solar panels on their property. This will allow you to enjoy tax savings and money-saving opportunities. It is important to remember that solar panels require a clear path from the sun to function properly.
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
Installing solar panels on your home is an excellent way to cut your energy costs. The costs will vary depending on the size of the system, but the average cost per watt installed in Massachusetts is about $2.67 to $3.31. There are several ways to lower your costs and still make your solar installation attractive. To get an estimate from a local installer, you can also inquire about the cost of your project.
Massachusetts offers many incentives to solar panel installation. For example, you can avoid paying sales tax on the equipment, and you can take advantage of a state tax credit for renewable energy. For producing solar electricity, you can also get up to $1,000 in income taxes credits. Massachusetts also offers an SREC Market for solar electricity that is generated by homeowners. This allows homeowners to sell excess energy to utilities and earn significant income.