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 can also be used to generate income by selling the energy back at the utility.
SMART Program
The state-mandated incentive program SMART Massachusetts Solar is designed to support solar deployment in Massachusetts. The program offers a fixed per-kWh rate of solar power for the lifetime of a solar system and encourages battery storage. Massachusetts has increased its solar target to twice the amount since last year and made it mandatory that all solar systems with more than 500 kW are paired up with energy storage.
The Department of Public Utilities approved the SMART program in Massachusetts for solar energy. While utilities had proposed caps on the on-bill credits for solar projects in their communities, the DPU rejected both proposals. A proposed fixed fee on all ratepayers was also rejected by utilities. Instead, they opted to impose a volumetric cost that is less burdensome on ratepayers.
Exemption from property tax
Massachusetts offers a tax exemption for solar and wind projects. This tax exemption may be available to you if you have a Massachusetts home. However, if you install a solar or wind energy system, you should be aware of certain rules regarding the property tax exemption. You cannot claim the solar exemption if your intention is to sell any of the generated power to an electric company.
To apply for exemption, you must fill out an application form and submit it to the local assessor. The exemption is valid for 20 years. Once the exemption runs out, you will have to submit a new exemption application. Your assessor should also note the year on the property record card. This will indicate that the exemption is ending. Additionally, your assessor should maintain a separate list of exempt devices.
Financial incentives
Massachusetts is among the best states for solar energy and offers excellent financial incentives for solar panel installation. These incentives can help you manage the cost of installing solar panels and speed up the payback period. Massachusetts has one among the most generous solar incentive programs in America, the Solar Massachusetts Renewable Target, which pays customers a fixed fee per kilowatthour over a period of ten years.
The state offers many financial incentives, including tax credits and rebates, for solar installations. It is working to achieve its Clean Energy Standard. This means that its renewable energy portfolio targets are aligned with this goal. Massachusetts offers tax credits through the federal government. In addition, the Commonwealth and some municipalities and towns offer rebates. Your income level may determine how much tax credit you receive. Massachusetts now offers a solar tariff program, which assigns value to the power that you generate and send back. This program replaces SRECIII and SRECII.
Legality
If you are planning to install solar panels on your home in Massachusetts, you must know the legalities of solar easements. These agreements give you the rights to install solar cells on another person's property. This allows you to get tax benefits and also save money. Also, solar panels must have access to the sun for proper functioning.
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. Massachusetts Supreme Judicial Court recently ruled solar energy systems aren't a violation to zoning regulations.
Costs
A great way to reduce your energy costs is to install solar panels at your home. The cost of a solar system will vary depending upon its size, but it costs between $2.67 and $3.31 per watt. There are many ways to cut costs and ensure that your solar system is a good investment for your home. For an estimate, ask a local professional solar installer. This will help you to figure out the price of your project.
Massachusetts offers numerous incentives for solar panel installation. There are two options: you can get rid of the sales tax on your equipment and take advantage of a state credit for renewable electricity. You can also receive up to $1,000 in income tax credits for generating solar electricity. Massachusetts also offers an SREC market to homeowners who generate solar electricity. This market allows homeowners to make significant income by selling their excess energy to utility companies.