Incentive Programs
The benefits of going solar are not just limited to contributing to the environment by generating clean energy, there are also many financial incentives in place that make going solar a smart investment.
CREDITS AND REBATES
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If you pay income tax in Massachusetts you are eligible for a one-time $1,000 tax credit from the Commonwealth of Massachusetts.
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The federal tax credit is currently 30% of the total installed cost of the solar system, this may decrease based on the new administrations’ lack of love for renewable energy.
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Nantucket residence who install solar on their primary residence can receive a rebate up to$6,000. The incentive is based on the size of the system installed and SunWind will help customers with the rebate application process.
Massachusetts Renewable Energy Certificate Program
(REC) Program
In short, the REC program is an incentive that is paid to solar system owners for all the power that your solar system generates. Solar owners can sell their REC’s to electricity providers. The energy generated each month is automatically reported, REC’s are minted and then sold to participating utility companies through a 3rd party energy aggregator. The REC incentive is a quarterly check that solar system owners receive for all solar power generated, the incentive checks are paid out for 10 years from the time the system receives “permission to operate” from the utility company. This additional revenue generated by the system helps to shorten the return on investment. SunWind handles all of the paperwork to get customers enrolled in the REC program.
Apply for the Energy Saver Home Loan
The Energy Saver Home Loan Program offers customers who live in their home full-time and make below 135% of the area median income, the ability to finance upgrades that can help reduce their energy consumption. These upgrades can include solar, converting to heat pumps for heating and cooling, heat pump water heaters, weatherization, and more. Loans can range from $10,000 to $100,000 with an interest rate of either 0.50% or 2.00% depending on the applicant's income.Homeowners may be eligible if their income* is below $165,645 on Cape Cod, $185,625 on Martha's Vineyard, and $206,685 on Nantucket.
Additional Programs
The Massachusetts Department of Energy Resources (DOER), in conjunction with the participating electric utilities, is setting their sights even higher for the most energy-efficient state in the nation by launching the Solar Massachusetts Renewable Target (SMART) Program. The SMART Program is a long-term sustainable solar incentive program sponsored by Eversource, National Grid, and Unitil. SMART will encourage the development of solar photovoltaic (PV) technology by supporting 1,600 MW of new solar generating capacity.
Massachusetts also requires that utility companies in the commonwealth invest a certain amount in renewable energy, allowing you to monetize your solar production in the form of credits that are paid out for each megawatt-hour (mWh) of energy produced over the first 40 quarters of operation. The additional revenue from SMART is substantial enough to provide a fast return on investment. SunWind facilitates the process of cashing in on SMART so you don’t have to worry about a thing.
For more information on Federal and State incentives, feel free to contact us!