The New Jersey solar renewable energy certificate (SREC) program is one of the most lucrative financial incentives for solar available at the state level. New Jersey property owners who buy and install a solar panel system can earn hundreds (or even thousands) of dollars a year by selling the SRECs the system generates.
Aside from the Solar Investment Tax Credit (ITC) provided by the federal government, which covers 30 percent of your solar project’s cost in the form of income tax credits, many states offer their own tax incentives to help you go solar. One popular incentive is a solar property tax exemption. Read on to learn how they work, and which states have these policies in place.
California is the country’s biggest solar energy powerhouse. According to the Solar Energy Industries Association (SEIA), the Golden State has installed 18,296 megawatts (MW) of solar – enough to power 4,732,000 homes! It’s no mistake that California has so much solar. Rebates and other financial incentives make solar a smart financial move for residents and businesses across the state.
The state of Maryland has taken its place alongside California and Massachusetts as a leader in energy storage, thanks to a new piece of legislation that establishes a state tax credit for batteries.
The Maryland solar battery rebate program offers a financial incentive worth thousands of dollars to homeowners and businesses looking to purchase batteries that can store energy on-site. With this tax incentive, the Old Line State becomes the first in the country to offer a direct financial boost to energy storage installations.
It often surprises people to hear that Florida, frequently referred to as “the Sunshine State,” is not the top state for solar. However, while California may hold the #1 spot for the U.S. solar market, Florida is undoubtedly one of the country’s leading states for home solar power. In this article we’ll break down the top solar incentives in Florida and explain what a solar panel system will most likely cost.
The Investment Tax Credit (ITC) is a generous incentive from the federal government. It was put in place to encourage uptake of solar energy and other renewable energy systems in 2006. It has been tremendously successful in this goal: the number of solar installations in the US has increased 1,600% since the ITC was introduced.
Many EnergySage customers quickly understand the potential benefits of the ITC, but have questions when it comes to the particulars of how it operates. Frequently, we field questions about whether or not they can claim the ITC at all, and when and how it can be applied to their tax bills. Continue reading →
Massachusetts has always been one of the best states for solar. Not only does the Bay State have the high electricity rates that lead to a short payback period for your solar investment – it also has a history of having strong solar incentives for property owners looking to own a solar panel system.
If you’ve been researching the best solar energy incentives available in 2016, you have likely heard something about solar renewable energy credits (SRECs). SRECs are a tradable commodity that you obtain from owning a solar panel system and producing clean energy. Because of a common state requirement known as the Renewable Portfolio Standard (RPS), utilities in 30 different states must generate a certain percentage of their energy from renewable sources, typically at least 20 percent. In six states and Washington D.C., the RPS specifies that a certain percentage of the renewable energy produced must come from solar power. States with this type of “solar carve out” are willing to pay significant amounts of money to take credit for the power generated by solar homeowners.
Rhode Island’s Renewable Energy Growth (RE Growth) Program is a performance-based incentive (PBI) offered through SolarWise Rhode Island that offers financial benefits to National Grid customers who install solar on their home. PBIs pay owners of solar energy systems for the electricity produced by their system. PBIs help system owners recover the costs of installing a solar energy system and earn an attractive return.