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 lucrative investment.
CREDITS AND REBATES
For the majority of Cape homeowners, these incentives include a tax credit of $1,000 from the commonwealth of Massachusetts and a federal tax credit worth 26% of the cost of the system, decreasing to 22% starting January 1, 2021. If you live on Nantucket, there is an additional rebate of $4,000 that further lowers the up-front cost of going solar.
Solar Massachusetts Renewable Target (SMART)
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!