As are many states, Massachusetts is looking toward building more green energy, including solar energy. Home solar energy in MA is becoming a big industry, and both the federal and states governments are getting involved - which means more rebates and tax relief for you, should you decide to take the solar route to power your home.
Just as one example, consider net metering, in which your local utility company determines just how much energy you consume. If you have solar paneling on your house, it produces its own energy… and any excess energy is credited to your account, meaning -free- power for the times when the sun isn't shining, like at night. Just be sure to ask your solar panel installer what the ratio is for the local utility. While some give credit on a 1-to-1 ratio, others may give less, like .9-to-1.
Metered power isn't the only benefit you might find in home solar power in MA. Some financial perks include:
- Personal tax credits: These can pay for as much as 15% of the cost of your installation - but they can pay no more than $1,000. Fortunately, there are other means to make your installation pay for itself.
- Property tax exemption: Houses that get home solar power in MA are not assessed for tax purposes for 20 years, even though the addition of the panels raises the value of the house. By the time the 20 years is over, the cost of the panels will have depreciated to the point where the added value will have no impact on your taxes whatsoever.
- Sales tax exemption: This one is simply. Massachusetts charges no sales taxes on solar panels or installation of the equipment.
- State-sponsored rebates: These tend to be a little more complicated.
Recently, changes have been made to make it even more beneficial to get paneling on your home.
One of these is a $750/kilowatt rebate no matter what your income or the value of your home. If your household is equal to or less than 120% of median income OR if your home is worth between $300,000 and $400,000, that could go up to $850/kilowatt, depending upon what county you happen to live in. Add another $100/kilowatt if your panels and other solar equipment come from Massachusetts.
And, as always, there is a 30% tax credit to remember.
It may costs thousands of dollars to get your own green power, but remember this: In time, even without all the rebates, incentives, and other financial benefits, you will recoup the costs entirely. Since you're generating your own power, your electrical bill will be substantially less.
Massachusetts is going green, and there is no better time for you to get home solar power in MA.
Financial Benefits for Home Solar Power in MA