Update 12/27/20: The solar investment tax credit (ITC), which was scheduled to drop to 22% in 2021, will be extended for two more years at 26%! You can learn more about the energy tax credit extensions here.
Have you been looking to make the switch to solar? In Massachusetts, it’s a no-brainer. It seems that summer isn’t going to end anytime soon. Don’t let the dog days pass you by, though: Massachusetts’ solar tax credits expire for good after 2021!
If you’re ready to lock down the lowest rate for solar, then we highly encourage you to take advantage of Massachusetts’ solar tax credit program while it’s still available. Make the jump to solar today with a little help from Energy Monster!
You CAN Afford Solar
Solar energy is renewable, clean, and easy to make. It cuts down on your energy bills by reducing the amount of electricity you have to purchase from the main grid. With that in mind, an entire solar panel system can seem intimidating to the average homeowner. The truth is that solar technology has come a long way, and is simpler and more affordable than ever before.
Don’t think you’re a right fit? No way! Every homeowner can afford to incorporate solar technology into their homes, especially with tax incentive programs in place. In Massachusetts, tax credits can reduce your cost of installation by 26% until the end of 2020. This number changes to 22% in 2021 until it completely disappears by 2022. Once your solar system is in place, the immediate energy savings further offset the cost. Plus, you can also receive Solar Renewable Energy Credits (SRECs), which are payments for the extra electricity generated by your solar panels that you can sell to the main grid.
What options do I have?
Before you make the switch to solar energy, make sure that you familiarize yourself with any tax benefits or credits that are currently available. These vary state-by-state.
Some money-saving examples include the renewable energy income tax credit which covers 15% of the system cost up to $1000, the Mass Solar Loan program which helps to finance the purchase with a fixed rate low-interest loan, and MA solar tax exemptions which ensure that the homeowner does not pay sales or property tax on the panels. And these aren’t the only ones out there; take a look at this list of MA solar incentives.
Energy Monster Can Help with Massachusetts Solar Tax Incentives
Let Energy Monster give you a hand in getting your own solar system. We offer custom, no-obligation designs to help you understand how solar panels can work with your home. We can also explain which rebates and credits are available to you, so that you may get the most value from your money. Get ready to enjoy both immediate and long lasting energy savings with a solar energy system. Get your free quote today! Give us a call now!Return to Blog