Experience The Rewards of Joining The Renewable Energy Movement
When we choose solar, we choose a better future for our planet. Our government understands this and offers valuable rewards and incentives for those who join the clean energy movement. Since incentives, eligibility and availability change frequently, contact us today for the most up-to-date information.
Federal Incentives: Residential Renewable Energy Tax Credit
- Installing a Solar PV system in 2020 offers a tax credit of up to 26%
- Installing a Solar PV system in 2021 offers a tax credit of up to 22%
It’s important to note that the tax credits outlined above aren’t considered deductions. Instead of reducing your taxable income (a deduction), a credit reduces the amount of taxes you owe. So, while your Residential Renewable Energy Tax Credit won’t generate a monetary refund, it will help to reduce your taxes.
The total value of your tax credit can be used for a maximum of five years after the installation of your system. As such, if the full value of your tax credit isn’t used in the first year, you can use the remaining credit towards tax bills for up to five years.
Before claiming the Residential Renewable Energy Tax Credit, speak to your financial advisor to determine whether you are eligible. They can walk you through the process of completing the IRS form 5695 and add the credit information to your tax filing.
In 2018, the SMART program (Solar Massachusetts Renewable Target) replaced SREC and SREC-II as the current state-run incentive for Massachusetts residents to join the renewable energy movement.
This program allows utility companies including National Grid and Eversource to pay residential solar PV system owners a flat rate for power that the system produces and sends to the grid. If your system produces more electricity than you need, that extra power is sent back to the grid and you receive a credit for that electricity.
As long as you own your solar panels, this is a win-win for you. You get the power you need, while your panels work overtime to earn you credits.
For more information about SMART, visit the program’s main page or contact us.
Through the Renewable Energy Growth (REG) program, National Grid pays residential system owners in Rhode Island a performance-based incentive (PBI) for producing solar energy. The PBI is a flat rate per kilowatt-hour, which is determined by multiple factors including term and project size.
Participation in the REG program is offered on a first-come, first-serve basis. While you may be eligible, capacity is limited. If you have a recently-installed solar PV system or if you’re looking to make the switch to solar in the near future, contact us today to discuss your options.
For more information about the REG program, visit the program’s main page or contact us.