Massachusetts offers many incentives for investing in solar energy technologies. Grants and rebates have the biggest impact on costs incurred, and the state offers both to businesses and residences.
Summary of Massachusetts Incentive Programs
•Federal Tax Credit 30%
•State Residential credit 15%
•State Rebates from $1W-$4.40W
Massachusetts Grants and Rebates
The state offers matching grants to local governments for installation of solar energy systems through it’s MTC grant program in various amounts. Businesses are eligible for matching grants up to $500,000 through the Sustainable Energy Economic Development Initiative (SEED.)
Rebates available begin with the state’s MTC program which rebates customers from $1W-$4.40W depending on various factors like unit size and type of applicant, up to a maximum of $20,000. There are additional rebates available through public utility companies: 15% of project cost through the National Grid program, $1W-$4.40W with the Marblehead Municipal Light Department, and $2.50W with Chicopee Electric Light.
Massachusetts Tax Credits
The state offers a residential tax credit in the amount of 15%, with a maximum credit of $1000.
There are also 100% corporate and personal exemptions for solar power systems, as well as 100% corporate and personal deductions. State sales and property tax exemptions are also available for the purchase of solar equipment.
Financing Options
Massachusetts has a program offering loans up to $15,000 at a 0% interest rate for seven years, called the HEAT program. Additional loan programs are available through the federal government.
For further information on all programs, visit the DSIRE:Database of State Incentives for Renewables & Efficiency
Comments are closed.