2024 Solar Incentives Guide for Waterville, ME - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Waterville.
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 Waterville solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Waterville?
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 intended to encourage homeowners to switch to renewable energy by providing financial incentives that lower the burden of solar panel installation and use. These incentives may include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are provided by the federal government, some by the state of Maine and some by your specific utility company, county or municipality. Categories of solar incentives include:
- Tax Exemptions: Tax exemptions can come in one of two forms. The first is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption, which allows you to exclude the value added by your solar system when paying property tax on your house.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. The value of a rebate will usually be deducted from the total price before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Net Metering: You can sign a net metering agreement with your Waterville utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. They will then subtract this value from your utility bill each month.
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
When someone says "solar incentives," you likely think of federal incentives first. A federal incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a predetermined percentage of the cost of your solar system.
The ITC applies towards 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, equipment, accessories and labor. This credit can be claimed on solar panels installed on a primary or secondary residence in the United States that you own. 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 claim amount.
Talking to your local Waterville solar panel installation expert is the best way to learn more about how the ITC may apply to you.
In August 2022, the ITC (now called the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. The new Clean Energy Credit now runs 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. This credit will then be decreased by a few percentage points every year until its expiration. The program expansion also makes it easier to get credit for energy storage systems, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Waterville solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
In addition to those provided at the federal level, there are often also state solar incentives. Rebates, tax credits and more might be available at a more local level. Some incentives are offered for only a limited time, while others are ongoing. Your local solar incentives could come from the Maine government, or from your specific county or municipality.
Next Steps for Installing Solar in Waterville
Solar energy use nationwide has gone up significantly in the last 15 years, in part due to the proliferation of solar incentives. You can obtain these incentives from your local utility company, the Maine government or the federal government. Reaching out to your local Waterville solar panel installation company is an excellent first step towards getting the most money possible when you switch to solar energy.
EcoWatch's Waterville, ME Solar Incentives FAQs
How can I find out if I qualify for different solar incentives?
In most cases, solar incentives apply to:
- a new solar panel system
- installed on property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those run by the Maine government or by your county/municipality, could have additional qualifications. Talk to your local Waterville solar installer to learn more about what incentives your project may qualify for.
How much will solar panels save me on my electric bill in Waterville annually?
When you add solar panels to your Waterville home, you can expect to save around $830.36 per year, or approximately $15,776.89 over the next 20 years.
Who installs solar panel systems near me?
To find the best solar panel installer in your area, check out our guide to the top solar companies in Waterville.
What are some of the environmental benefits of switching to solar energy?
You can decrease your carbon footprint by 200 pounds of CO2 a year when you switch to solar panels. This adds up to around 4,000 pounds in 20 years. In addition, solar power is a renewable energy source, which means that switching your home over lessens the drain on our planet's resources.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now called the Clean Energy Credit, is scheduled 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.
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.