2024 Solar Incentives Guide for Brunswick, ME - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Brunswick.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Brunswick?
Solar and Wind Energy Property Tax Exemption
Efficiency Maine - Home Energy Loans
Efficiency Maine Residential Home Energy Savings Program
Air Sealing (6 hrs): $400
Insulation: 30% of project costs, up to $1,000 per zone
Air-Source Heat Pumps: $500 for single or first zone heating; an additional $250 is available for second zone heating
Biomass Boilers and Furnaces: One third of the installation cost up to $6,000
See rebate application for full list of rebate bonuses
Local Option - Property Assessed Clean Energy
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" broadly refers to financial incentives put in place by solar companies and the government to encourage increased use of renewable energy by making installing and using solar panels more affordable. Incentives can 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 state of Maine or by your utility company, county or municipality. Categories of solar incentives include:
- Net Metering: Make sure you talk with your Brunswick utility company about signing a net metering agreement. This allows you to get a 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.
- Rebates: A rebate is a partial refund given after you've purchased your solar system. Rebates may be offered by your local utility company, your county or your state. The rebates are usually applied before calculating tax credits.
- Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the federal government. These are different from tax deductions.
- Tax Exemptions: Your solar system may qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you exclude the value added by your solar panels when calculating property taxes on your home.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
Federal solar incentives are probably the first thing that you think of when you think about solar incentives. You've likely 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 installing solar panels.
The ITC can be applied to solar panels installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost – for panels, labor, accessories and equipment – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
To better understand how the ITC could apply to your situation, contact your local Brunswick solar panel installer and request more information.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. Homeowners are now eligible for a credit equal to 30% of the total costs of solar system installation for projects started after January 1, 2022, and completed before the end of 2032. The credit percentage will then decrease yearly until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to get credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. To better understand how the new Clean Energy Credit might apply to you, reach out to your local Brunswick solar installers.
State & Local Solar Incentives
Tax credits, rebates and more can be claimed at multiple levels. On top of federal solar incentives, there are often state and local ones as well. Incentives might be offered by your county or municipality, or by the state of Maine. Certain incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Brunswick
The expanding number of available solar incentives has contributed greatly to the increase in the adoption of solar energy nationwide over the past 15 years. You might qualify for solar incentives from your local utility company, the Maine government or the federal government. Reach out to your local solar panel installation expert today to discover more about the various programs and to save as much money as possible on a solar system for your Brunswick home.
EcoWatch's Brunswick, ME Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my Brunswick home?
When you add solar panels to your Brunswick home, you can expect to save approximately $863.31 per year, or approximately $16,402.81 over 20 years.
What are some environmental benefits of adding solar panels to my house?
Solar energy is renewable — by switching where you get your energy, you can help reduce the strain on our planet's resources. A solar system can also lower the CO2 emissions from your home by 200 pounds annually, or roughly 4,000 pounds in 20 years.
I want to change out my appliances for ones that are more energy-efficient. Are there any incentives I can get?
With the passage of the new Inflation Reduction Act, there are several new financial incentives for making eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
What if I am planning to add a solar system to a vacation home, rental property or commercial property? Will I still qualify for incentives?
While we recommend speaking with your local solar installer and/or tax professional to better understand what solar incentives apply to you, many apply to a second home, as long as it is in the United States and owned by you. There may be additional incentives available specifically for commercial properties, depending on the details.
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.