Good News in Solar!

15 Nov Good News in Solar!

There’s good news in solar with new incentives that are making green technology more affordable. Some of these incentives are active and available to qualify for while others are still a work in process. Nonetheless, the future of solar is looking bright!

The Inflation Reduction Act is full of renewable energy initiatives and if you’re planning on going solar you might be able to take advantage.

30% Tax Credit on Solar Installations

This tax credit applies to residential installations for 10 years and commercial for 5. So you can claim 30% of the cost of a solar project on taxes, which is an incredible reduction in overall cost.

30% Tax Credit on Battery Storage

Energy storage projects receive the same 30% tax credit, even if they are stand-alone facilities. Batteries connected to a solar power project will continue to qualify for the credit.

Community Solar For Low-Income Consumers

There is an additional 10% tax credit for solar projects that sell the energy to low-income consumers. This decreases the electric burden for low-income communities and provides an additional incentive for the

Net Metering Increase in Massachusetts

Governor Baker has signed a law that Net Metering caps are increasing- this is a good thing. Previously, solar arrays in Massachusetts needed to be 15kW or less to qualify for the smart program and receive payments for 10 years to compensate for renewable energy production. Now, Massachusetts businesses and homeowners can qualify for net metering with systems as large as 25 kW. Once this law is implemented, bigger solar arrays can qualify for net metering, which drastically offsets the cost of going solar.

Electric Vehicles

There are incentives that can make buying a qualifying electric vehicle less expensive thanks to new legislation from the Inflation Reduction Act. Be sure to check this out if you are considering getting an EV. You can add an EV charger to your solar system so you can power it all right at home.

Though we are eager to tell you about all the great incentives in solar, we do have to let you know that we are not tax professionals and the incentives apply to qualifying projects and tax payers. Please consult a tax professional if you have any questions on this information or need guidance. Feel free to contact us for a free proposal or information on solar, we’re here to help!