When it comes to electricity bills, Massachusetts has some of the highest rates in all of New England, which further drives the push toward solar energy. By making the switch to a renewable energy source, residents can greatly reduce their monthly electricity costs.
Performance-Based Incentives (PBI)
Among the many ways Massachusetts homeowners are saving on solar, SRECs, or Solar Renewable Energy Credits, are some of the most generous. Keep in mind that these credits are only available to homeowners who purchase their solar panel system outright, a process that can be overwhelming without a helping hand. But have no fear, Revolution Solar is here! With our extensive partnership network, we can hold the SRECs and pass the savings onto the homeowner with the lowest kWh rates out there, paying for the power instead of the panels. Basically you reap all the benefits of going solar without the risk and burden of ownership.
Residential Renewable Energy Income Tax Credit
Thanks to Massachusetts’ impressive renewable energy income tax credit, if you do decide to purchase your home solar panel system outright, you’ll be eligible for an income tax credit that covers 25% of the total cost of your system, capping out at $1,000.
Federal Tax Credit
In addition to the state-specific offers that Massachusetts solar owners get to take advantage of, you’ll also receive a Federal tax credit. This credit amounts to 26% of the solar panel system’s cost after you’ve deducted the value of the various state rebates you received. As the years progress, this percentage will drop, so if you’re considering your solar panel options, it makes sense to install a system soon!