Solar Power Incentives
Beginning in January, the new programs - Commonwealth Solar II and Commonwealth Solar Stimulus - will begin accepting rebate applications for residential and commercial projects to help finance the installation of these solar photovoltaic (PV) systems. The application process, award requirements and forms are underdevelopment and will be ready in late January 2010. The proposed rebate levels for each program are set and are shown below.
Contact SunWind LLC to book your free estimate now.
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NEWSFLASH .:. Rhode Island Residents and businesses may qualify for state and federal tax credis as well as grants. Learn More>>
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News Flash: Massachusetts Small Renewables Initiative has been reinstated.
This program is available for installations completed
between 5/1/2008 and 11/15/2009. The rebate and program amounts are subject to change without notice. Applications must be postmarked by 12/15/2009. Learn more >>
There are several Federal Tax Credits available for Solar PV and Solar Thermal (Hot Water and Space Heating) systems. We will outline the incentive program and ensure that you will receive all possible incentives to save you the most on your investment of any Solar system.
The new incentive plan began on January 1, 2008. The credit allows for 30% tax credit on all PV systems. The tax credit is applied to the balance of the overall cost of the system after all state rebates have been deducted.
Example:
$35,000 system minus $18,000 state rebate (varies based on eligibility)
Leaves
$17,000 * 30% = $5,100 This amount can be credited toward your income tax over a period of one to four years.
The personal tax credit for Solar (PV) Photovoltaic and Soar Thermal (Hot Water/Space Heaters) is 15% up to a maximum of % 1,500.00
Solar Thermal Systems Example:
$ 8,000 System
- $ 1,500 Federal Tax Credit
- $ 1,000 State Income Tax Credit
- $ 1,500 National Grid Service provider Rebate (Gas Customers only)
leaves $ 4,000 ** Small Renewals Loan Programs **
* Loans are available up to $10,000 at 0% interest for up to a seven year term.
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