2024 Solar Incentives Guide for Marshfield, MA - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Marshfield?

Source: https://www.dsireusa.org/

Solar incentives are intended to make renewable energy usage more affordable through financial incentives to help people install solar panels on their homes. You may qualify for different types of incentives, including cash back, discounts or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of Massachusetts and others from the federal government. Categories of solar incentives include:

• Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. The value of a rebate will usually come off your total price before any tax credits are calculated.
• Net Metering: Make sure you talk with your Marshfield utility company about signing a net metering contract. This will allow you to receive credit towards your utility bill every month for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Exemptions: These can come in the form of property tax exemptions, which allow you to exclude the value of your solar system when paying taxes on your house. They may also include exemptions on sales tax at the time of purchase.
• Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
• Solar Renewable Energy Certificate (SREC): Generally, solar systems that produce more than a predetermined (generally small) amount of electricity can qualify for SRECs or similar performance-based incentives. SRECs and the like are typically offered by your state government. When you receive an SREC, you can sell it to your utility company or another buyer, and generally the money you make is normally considered part of your taxable income.

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Federal Solar Incentives

When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. A federal incentive many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a given percentage of your solar system's cost.

The ITC covers solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, labor, equipment and accessories. This credit can be claimed on a solar panel system installed on a primary or secondary residence in the United States that you own. The original claim amount was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.

To more fully understand how the ITC might apply to your situation, get in touch with your local Marshfield solar panel installation expert and request more information.

The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Homeowners can now qualify for a credit of 30% of the total costs of solar system installation for projects started after January 1, 2022, and completed before the end of 2032. This percentage will then begin to decrease on a yearly basis until the Clean Energy Credit ends in 2035. Beginning in 2023, it will also be easier to get credits for energy storage systems under this new program.

Click here to learn more about the new Inflation Reduction Act. The easiest way to fully understand how the new Clean Energy Credit applies to you is to speak with your local Marshfield solar panel installers directly.

State & Local Solar Incentives

Tax credits, rebates and more might be claimed at multiple levels. On top of federal solar incentives, there are often state and local ones as well. Certain incentives are ongoing, while others may only be available for a limited time. They may be provided by your county or municipality, or by the Massachusetts government.

Next Steps for Installing Solar in Marshfield

The large number of available solar incentives has contributed greatly to the increase in the nationwide adoption of solar energy over the past 15 years. You may receive solar incentives from the Massachusetts government, the federal government or your local utility company. Call your local solar panel installation expert today to find out more information and to save the most money possible on a solar system for your Marshfield home.