Massachusetts Solar Incentives
*Federal & State Tax credits are subject to individual tax liability*
Federal Tax Credit
The Federal Government offers a tax credit that covers 30% of a solar system’s overall cost. The credit is a dollar-for-dollar credit against your personal income taxes. The entire amount can be claimed in one year and it will come back on the following tax return.
Net Metering
Massachusetts has a state net metering policy. Therefore, unused, excess electricity will go to the grid and the property will receive a credit on the meter. Exact structure is dependent upon the utility company (i.e. Eversource vs. National Grid). Each utility company sets standards for the annual capacity limit, however, installations under 10kW are accepted state-wide.
SMART Program
The Massachusetts SMART Program provides qualified homes a payment for each kilowatt-hour of electricity generated over a 10-year period. The SMART incentive is available for Massachusetts homeowners served by the three largest utilities in the state: Eversource, National Grid and Unitil. The exact amount depends upon the solar system’s size and location; however, homeowners can expect ~25 cents per kWh. (Click here to learn more at mass.gov)
Renewable Energy Property Tax Exemption
If we go solar in Massachusetts, the property is exempt from a rise in property tax due to If you own a $500,000 home and install a $25,000 solar panel system, your property taxes will still be calculated for $500,000, even if the actual property value has now increased to $525,000.
State Tax Refund
The State offers a 15% (up to $1,000) income tax credit on solar systems. It is a dollar-for-dollar credit against your State income taxes.
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