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

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

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 Stoneham 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

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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 Stoneham?

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

Residential Renewable Energy Income Tax Credit

Incentive Type:
Personal Tax Credit

Renewable Energy Equipment Sales Tax Exemption

Incentive Type:
Sales Tax Incentive
100% exemption

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

Incentive Type:
Industry Recruitment/Support
100% deduction

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

Mass Save - HEAT Loan Program

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

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

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

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

Local Option - Energy Revolving Loan Fund

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

Solar Renewable Energy Certificates (SREC-II)

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

MuniHELPS - Offered by 17 Utilities through the MMWEC

Incentive Type:
Rebate Program
Varies by utility

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 intended to make renewable energy usage more affordable through financial incentives for individuals who install solar panels on their homes. Various types of incentives, including discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be handled by the state of Massachusetts, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:

  • Tax Exemptions: Your solar system might qualify for both sales tax and property tax exemptions. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to ignore the value that solar panels add when you are calculating property taxes on your home.
  • Net Metering: Net metering becomes relevant once your solar system is up and running. If you've signed a net metering agreement with your Stoneham utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other places you may make back a percentage of the value.
  • Solar Renewable Energy Certificate (SREC): SRECs and similar other performance-based incentives may be available to you if the solar system on your home produces more than a specified (typically small) amount of electricity. These types of incentives are normally handled at the state level. You can sell the SRECs you receive to your utility company or other buyers, and the money you receive in return is usually considered part of your taxable income.
  • Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
  • Rebates: A solar rebate is a partial refund given after you've purchased your solar panels. Rebates may be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before tax credits are calculated.

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

When you think about solar incentives, you likely think of federal incentives first. You might have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a specified percentage of the money you spend on solar panels for your home.

The ITC covers solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. This credit can apply towards solar panels installed on a primary or secondary residence that you own in the United States. Originally, you could claim 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum amount you can claim.

To more fully understand how the ITC will apply to your situation, get in touch with your local Stoneham solar panel installer and request more information.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. Homeowners are now eligible for a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The total credit will then decrease annually until its expiration. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.

Click here to learn more about the new Inflation Reduction Act. Your local Stoneham 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. Similar to federal incentives, these could include tax credits, rebates and more. Some incentives are ongoing, while others might only be available for a limited time. These incentives might be provided by the Massachusetts government, or by your county or municipality.

Next Steps for Installing Solar in Stoneham

The nationwide use of solar energy has gone up significantly in the last 15 years, in part thanks to the increase in availability of solar incentives. You may get these incentives from your local utility company, the federal government or the Massachusetts government. When you're prepared to switch over to solar energy, getting in touch with your local Stoneham solar panel installation expert is a great first step.

EcoWatch's Stoneham, MA Solar Incentives FAQs

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

It's a smart idea to get in touch with your local Stoneham solar installer for a better understanding of which incentives your project may qualify for. Typically, solar incentives apply to new solar systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those provided by the Massachusetts government, may have other requirements.

How much can I save annually on my electric bill if I add solar panels to my house in Stoneham?

On average, Stoneham homeowners who install solar panels save around $1,149.06 per year, or around $21,832.13 over 20 years after making the switch.

What are the top solar panel installation companies near me?

To find the top solar panel installation companies near you, take a look at our article on the top solar companies in Stoneham.

What are some environmental benefits of adding solar panels to my house?

You can decrease your carbon footprint by 200 pounds of CO2 annually when you switch to solar panels. This adds up to approximately 4,000 pounds over 20 years. Solar is also a renewable energy source, which means that switching your home over reduces the drain on our planet's resources.

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

The order in which incentives are applied may vary depending on which incentives you are claiming but in most cases yes, you can claim multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to verify you are claiming all the incentives you qualify for and applying them in the correct order.

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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