2023 Solar Incentives Guide for Greene, ME - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Greene.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Greene?
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/
Solar incentives are meant to encourage people to make the switch to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. You may be eligible for different types of incentives, including cash back, discounts or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Maine and others from the federal government. Some broad categories of solar incentives include:
- Tax Exemptions: Tax exemptions may come in one of two forms. The first is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the added value of your solar system when calculating property tax for your home.
- Rebates: Solar rebates might be provided by your local utility company, or by your state or county. These rebates are essentially cash back that is applied after your purchase of a solar system and before tax credits are calculated.
- Net Metering: Net metering factors in once your solar panels are up and running. If you have a net metering agreement with your Greene utility company, they will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in others you might receive a refund equivalent to a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
Federal Solar Incentives
When thinking about solar incentives, federal incentives may be the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a percentage of your solar system's cost.
The ITC applies to the value of a solar system installed on your primary or secondary residence in the United States. The solar panels have to have been installed on a property you own after January 1, 2006 for you to claim the credit. The ITC originally paid out 30% of all installation costs (panels, equipment, accessories and labor), although the amount has fluctuated over the last few years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the amount you can claim.
Speaking with your local Greene solar panel installer is the best way to learn more about how the ITC applies to your situation.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit re-raises the credit up to 30% for solar installations undertaken between January 1, 2022 and December 31, 2032. After this, the credit percentage will be reduced slightly each year until the program expires in 2035. The expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Greene solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. As with federal incentives, these may include rebates, tax credits and more. These incentives might be distributed by your county or municipality, or by the Maine government. Certain incentives are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Greene
There are many kinds of solar incentives: those offered by local utility companies, those offered by the federal government and those offered by the Maine government, to name a few. The use of solar energy has grown tremendously in the last 15 years, thanks to these incentives. When you're prepared to make the switch to solar energy, calling your local Greene solar panel installation expert is a great first step.
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
EcoWatch's Greene, ME Solar Incentives FAQs
How can I learn if I qualify for solar incentives?
Typically, solar incentives apply to:
- a new solar panel system
- installed on a property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those given out by the Maine government or by your county/municipality, could have additional qualifications. Talk to your local Greene solar installer to learn more about what incentives your project will qualify for.
How much can I save annually on my electric bill if I install solar panels on my Greene home?
Typically, Greene homeowners who install solar panels save around $837.58 per year, or around $15,913.93 over 20 years after making the switch.
When does the federal solar tax credit end?
The federal solar tax credit, formerly known as the ITC and now called the Clean Energy Credit, is slated to end on 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 apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order your incentives will be applied in could vary depending on which incentives you are claiming but typically yes, you can receive multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to verify you are claiming all possible incentives and applying them in the correct order.
Can I use a combination of multiple types of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home, such as a combination of solar and geothermal. You can also combine renewable energy generation with a backup source of non-renewable energy. Be sure to discuss your proposed plan with your local Greene solar panel installer, to make sure you know what you'll need and what types of incentives you might or might not qualify for.
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.