Worldfestive.com – Incentives for solar includes participating in the states solar electric financing program that rewards residents for utilizing energy-saving alternatives in their homes. The incentive allows residents to obtain a special tax credit, such as the Solar Renewable Energy Credit, up to $1000 which can further help residents save on energy costs. This is a good incentive for those who invest in certain processes that may take a few years for you to pay off. For some residences that play their cards right with the incentive by meeting qualifications, you may not have to pay another electric bill again.
Understanding qualifications to obtain the incentive begins with reviewing the information provided by the state. You can get an idea of how you can save by comparing costs depending on what is being done at home. Some energy efficient processes may cost money but over time you may find yourself getting more accustomed to the extra room in your budget. Reviewing different incentives available may help you decide which energy saving opportunities are best for your property. Homes new, existing or in construction may qualify for different residential solar incentives.
There are different credits included for incentives for solar in MA including the Federal Renewal Energy Residential Tax Credit, the State Tax Credit, Solar Renewable Energy Credits and State Rebates. Each offers credits at a certain percentage but often between 15 and 30 percent of the total cost. With state credits, you may be able to carry the credit for 3 years, even if you obtained federal tax credits or grants. State rebates may be obtained for the use of solar hot water or other utilities including gas and electric. Renewable energy systems may offer sales tax exemptions up to 100 percent.
When it comes to utilizing the rebates, research is important since you need to learn when they are available so you can take advantage of them. Some programs offered by the state open and close at certain times so you’ll need to act quickly if you’re looking for additional savings. When reviewing different incentives, you’ll get an idea of how you can save more money based on how much energy is used at home. Many keep track of how much electricity, gas, and water they use each month or keep track of annual spending. The state helps you understand your savings by not only helping you keep more money in your pocket but by giving examples of watts and kWh used to give a better perspective on what to expect.
The incentives for solar in MA is part of a project by the State Department of Energy Resources. The project works toward encouraging the use of energy saving processes but also helps the state meet special requirements for solar energy. There are grants and loans available for qualifying projects that homeowners can utilize; this is a good opportunity for home improvement projects and getting the additional financing needed. While there are qualifications to meet in order to get a loan, financing terms may be up to 7 years.