Massachusetts Solar Energy Program Incentives and Rebates
Massachusetts Raises its Solar IQ
Massachusetts is consistently ranked in the top ten in terms of home solar power, and for good reason—environmentally-friendly policies and generous solar incentives help make the Bay State brighter and cleaner while offsetting some of the highest electricity rates in New England.1 With Sunrun’s BrightSave™ Monthly solar lease, Sunrun can help you funnel all these incentives into one low monthly payment, so that every month will feel like the Pats scoring a touchdown.
Massachusetts Solar Incentives, Rebates, & Tax Credits
| Solar Savings Types | Value of Savings |
|---|---|
| Federal Solar Tax Credit (ITC) | 30% of the total system cost |
| Residential Renewable Energy Income | 25% Tax Credit (of total system cost) or up to $1,000 |
| Massachusetts Solar Renewable Energy Credit (SREC) | Varies depending on market value |
| Other Programs | Variable (Net Metering) |
**Customer’s ability to monetize rebates, incentives and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type, and whether a customer purchases or leases a solar system from Sunrun.
SRECs in Massachusetts
Solar renewable energy credits, or SRECs, are another way that Massachusetts helps homeowners save on solar.2 However, SRECs are only available when you purchase your system, and that can get complicated fast. That’s why Sunrun is here to make your life easier with BrightSave™. We’ll hold the SRECs and pass the savings onto you with a low kWh rate that pays for the power, not the panels. You get all the perks of going solar, without the risk of ownership.
Residential Renewable Energy Income
Massachusetts also has an income tax credit if you buy a home solar system. The Residential Renewable Energy Income Tax Credit will cover 25% of the cost of a solar system, maxing out at $1000.3
Federal Solar Tax Credit (ITC)
On top of Massachusetts’ state tax credits and SRECs, solar system owners are also eligible for the Federal Investment Tax Credit, or ITC, if you buy your own solar system outright. The tax credit amounts to 30% of the cost of purchasing your solar system, but only after deducting the value of your state rebates. However, ITC credits will begin stepping down from 30% at the end of 2019. The tax credit for systems in service after 12/31/19 will drop to 26%. After 12/31/20, it’ll drop even further to 22%.4 That’s why the time to go solar is now. But not to worry—we can help you maximize on all the solar savings available to you.
Own Your System and Your Savings
Our BrightBuy™ and BrightAdvantage™ plans give you the chance to buy your own solar system outright or through a hassle-free loan. We’ll create a customized agreement based on your individual needs. You’ll also get a free, custom solar design that meets the unique needs of your home and lifestyle.Whichever one you choose, we’ll help you take advantage of the Massachusetts solar incentives that might be available to you. We’ll even handle the paperwork. All you have to do is sit back and soak up the savings.
See why other customers have chosen to go solar with Sunrun. Want to see how much you could save? Get your free quote today.
https://www.nerdwallet.com/blog/utilities/states-residential-solar-energy/
http://programs.dsireusa.org/system/program/detail/144
http://www.seia.org/policy/finance-tax/solar-investment-tax-credit
We recommend contacting a tax professional to most accurately determine the impact of the ITC on your federal taxes.
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