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

In this guide, we'll cover the latest solar incentives and rebates available in Revere.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Revere solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

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

Residential Renewable Energy Income Tax Credit

Incentive Type:
Personal Tax Credit

Mass Save - HEAT Loan Program

Incentive Type:
Loan Program
$25,000 ($50,000 for some expanded HEAT offerings)

Local Option - Energy Revolving Loan Fund

Incentive Type:
PACE Financing
Financing amount locally determined; 20-year financing term

Commonwealth Woodstove Change-Out Program

Incentive Type:
Rebate Program
Standard Residential:
Pellet Stove: $1,000 - $1,750
Catalytic Woodstove: $750 - $1,250
Non-Catalytic Woodstove: $500-$1,250

Fully Automated Wood Stove: $1,500 - $1,750
Low-Income Residential:
Pellet Stove: $2,500 - $3,250
Catalytic Woodstove: $2,250 - $2,750
Non-Catalytic Woodstove: $2,000-$2,750
Fully Automated Wood Stove: $2,750 - $3,250

Solar Renewable Energy Certificates (SREC-II)

Incentive Type:
Solar Renewable Energy Credit Program
Varies, depending on market supply and demand

Mass Solar Loan Program

Incentive Type:
Loan Program
Maximum required: $35,000; maximum possible: $60,000

Residential and Small-Scale Ground-Source Heat Pump Rebate Program

Incentive Type:
Rebate Program
New GSHP Rebate: $2,000 per ton with adders to eligible applicants
Retrofit Existing GSHP Rebate: varies with installation costs

Renewable Energy Property Tax Exemption

Incentive Type:
Property Tax Incentive
Solar energy systems used for heating or cooling: out-of-pocket expenditures by the owner for the components and labor
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system

Solar Massachusetts Renewable Target (SMART) Program

Incentive Type:
Performance-Based Incentive
(Base compensation rate + compensation rate adders - greenfield subtractor) * total kWh generated - value of energy generated

Renewable Energy Equipment Sales Tax Exemption

Incentive Type:
Sales Tax Incentive
100% exemption

Cape Light Compact- Residential Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Appliances
Refrigerator and Freezer Recycling: $125
Electric Clothes Dryers: $50
Clothes Washer: $350
Dehumidifiers: $30
Room Air Purifiers: $40
Room Air Conditioner: $40

Heating & Cooling
Oil Heating System: Up to $800
Propane Heating Equipment: Up to $2,300
Oil Water Heater: Up to $400
Propane Water Heater: Up to $800
Heat Pump Water Heater: Up to $600
Central AC/Heat Pump: Up to $250/ton
Mini-Split Heat Pump: Up to $250/ton
Programmable Thermostats: Up to $25
WiFi Thermostat: Up to $100
Solar Domestic Hot Water heater: $500 - $1,500

Home Electronics
Advanced Power Strips: Varies

Home Insulation
Limited Time Enhanced Incentive: 75%
Year-Round Tenant Incentive: 100%
Enhanced Residential Program: 100%

Lighting
LEDs: Varies

Home Energy Assessment: Free

Alternative Energy and Energy Conservation Patent Income Tax Deduction (Personal)

Incentive Type:
Industry Recruitment/Support
100% deduction

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

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


Solar incentives are designed to mitigate the cost of installing solar panels on your home. Financial incentives like these are intended to encourage more homeowners to make the switch to renewable energy. Incentives may include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, while others are provided by the Massachusetts government or by your specific utility company, county or municipality. You might qualify for any of the following types of solar incentives:

  • Solar Renewable Energy Certificate (SREC): In general, solar systems that produce more than a specified (normally small) amount of electricity will qualify for SRECs or similar performance-based incentives. SRECs and similar incentives are typically given by your state government. When you receive an SREC, you can sell it to your utility company or another buyer, and this is usually considered part of your taxable income.
  • Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the government. These differ from tax deductions.
  • Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the added value of your solar system when paying property tax on your home.
  • Rebates: A rebate is a partial refund given after you've purchased your solar panels. Rebates could be offered by your local utility company, your state or your county. The rebates are usually applied before tax credits are calculated.
  • Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have a net metering agreement with your Revere utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this credit is dollar-for-dollar, while in others you may receive a refund equivalent to a percentage of the value.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Federal Solar Incentives

Federal solar incentives are probably the first thing that you think of when you think about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.

The ITC originally covered 30% of the cost of solar system installation, and has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost includes the panels themselves as well as the cost of accessories, labor and equipment. There is no maximum claim amount. The ITC can be applied to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.

To better understand exactly how much money the ITC could save you, get in touch with your local Revere solar panel installation expert.

In August 2022, the Inflation Reduction Act expanded and extended the ITC, now called the Clean Energy Credit. The Clean Energy Credit runs until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit; this amount will be decreased slightly each year until the end of the current program. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.

More information about the new Inflation Reduction Act can be found here. Your local Revere solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it applies to you.

State & Local Solar Incentives

Some solar incentives may be offered at the local or state level. Like with federal incentives, these can include tax credits, rebates and more. Some incentives are offered for only a limited time, while others are ongoing. Your local incentives might come from your county or municipality, or from the Massachusetts government.

Next Steps for Installing Solar in Revere

You can apply for solar incentives from the federal government and the Massachusetts government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Speaking with your local Revere solar panel installation company is the right first step towards getting all the incentives you qualify for when you switch to solar energy.

EcoWatch's Revere, MA Solar Incentives FAQs

How can I find out if I qualify for different solar incentives?

It's best to speak with your local Revere solar installer for a better understanding of which incentives your project will qualify for. Typically, solar incentives apply to new solar systems installed on property you own (in the U.S.) within a specified date range. Some incentives, like those provided at the level of the Massachusetts government, might have other requirements.

How much will a solar system save me annually on my electric bill in Revere?

On average, homeowners in Revere who install solar panels save around $1,184.08 per year, or about $22,497.47 over 20 years after making the switch.

When does the federal solar tax credit end?

The federal solar tax credit, previously called the ITC and now titled the Clean Energy Credit, is set to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.

Can I qualify for incentives both towards the up-front cost of solar panels, and later as reimbursement?

Yes, you can receive both rebates and tax credits towards the cost of solar panels. Depending on which incentives you are claiming, they may apply in a different order. Be sure to talk to your solar installer or a local tax professional to ensure that you are claiming the correct incentives and getting the most money possible.

What if I am planning to add solar panels to a vacation home, rental property or commercial property? Do I still qualify for incentives?

Many solar incentives are intended to apply to a property you own that is located within the United States; most secondary residences will fall into this category. There may be other solar incentives available for commercial properties, depending on the details. We recommend reaching out to your local solar installer and/or tax professional to best understand what incentives may apply to your specific situation.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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