Massachusetts is certainly making great progress in the development of new and better solar technologies. The city is one of the front-runners when it comes to solar power generation in the country. Researchers are constantly engaged in development of new and advanced devices meant to harness solar energy in a better way.
Commonwealth Solar Rebate Program
More than 22 megawatts of electricity is produced in Massachusetts of the 2000 solar power installations. The first thing that comes to the mind while discussing Solar Renewable Energy MA is the Commonwealth Solar Rebate Program. The PV’s or Photovoltaic’s that are basically the solar panels which are capable of converting solar energy to electricity cost a lot. The high set up cost forbade millions to set up solar panels and use solar energy. Keeping this in mind, rebate was offered on the set up cost under the Commonwealth Solar Rebate Program.
A sum of million was proposed and the target was set as 27 megawatt of energy. A number of people applied for the scheme in order to avail money to go solar without spending a penny. The budget was soon exhausted and is the main reason why the state is one of the frontrunners when it comes to solar renewable energy. The target for the state is the generation of 400 MW by the year 2020.
Solar Renewable Energy MA – Rebates and Incentives
The state government is offering a number of different programs that encourage the use of alternate sources of energy and becoming more power efficient.
Personal Tax Credit
If you have a solar system installed, you can get 15 percent off on state tax credit with a maximum limit of 00.
You do not need to pay any sales tax on the solar system.
You do not need to pay any property tax on your solar panels for the next 20 years of installation. After the period, the value of panels would have depreciated to the extent that there would not be any kind of rise in property tax.
Factors to be considered in Solar renewable energy MA
The rebate on the installation of solar panels in the Commonwealth State Rebate Program depends on a number of different factors. These include
- Your Income
- Value of your home
- The place of manufacture of the solar panels
- The maximum rebate on offer is ,000 irrespective of your financial condition
- The state would only be paying for a calculation based on maximum 5KW system.
Based on the same, here are the details,
- The base incentive that you would receive irrespective of your home value and monthly income is 0 per kilowatt.
- If your home value is moderate or the household income is less than 120 percent of the median income than you are entitled to get another 0 per kilowatt.
- In case your solar panels or inverter and produced in the state, you can get an additional 0 per kilowatt.
- Regardless of the size of your home or income level, you are entitled for 30 percent federal tax credit.
If you would like to know more about this, you can visit the site at the following URL provided: Solar renewable energy MA