State and Federal SolarÂ
Incentives
State and Federal Solar Incentives
30% Solar ITC Federal Tax Credit
You may qualify to receive a 30% reduction on your income taxes which you would have otherwise paid the federal government when you own your solar system.
(Consult with your certified public accountant to verify if you qualify for this incentive and how much you will actually qualify to receive.)
$1,000 STATE TAX REBATE
You may qualify for $1,000 state tax rebate when you own your solar system.
(Consult with your certified public accountant to verify if you qualify for this incentive and how much you will actually qualify to receive.)
Net Metering
For Residential Solar, as long as the project falls within the system AC size requirements the homeowner should be able to qualify for net metering.
Net Metering is dollar for dollar value of the solar energy you produce converted into a cash amount that helps you cover your electric bill when your solar produces energy. Many customers end up paying $0-$10 to the electric company and also gain energy credits on the electric bill when the solar system produces more than you use in a given month, this credit can roll over month to month and can be used on later dates throughout the year. During the winter for instance when the energy production is less you may have energy credits leftover on your electric bill which the utility automatically uses for you. Many customers have had over $1,000 credit of extra energy they produced on their electric bills. This energy credit can only be kept on your electric bill and cannot be cashed out, but some utility companies although very rare to nonexistent may pay out your credit balance at the end of the year. The other option is that you can virtually send a percentage of your extra energy credits to a friend or another household in the same utility territory by obtaining their permission and their electric bill.
*Just Remember your home may not fit all the solar panels you need to be able to get 100% of your power coming from the solar panels. You may not accumulate energy credits on your electric bill as you may not have extra energy leftover as a credit because you may use it all every month, so it depends on how much energy the system will be able to produce yearly compared to how much energy you use annually. None the less whatever your solar does produce will offset the electric bill dollar for dollar.
( For more details on this incentive you may only call us or schedule an appointment for an in-person explanation. There are more details to be covered on net metering, as it is the most complex concept.)Â
SMART PROGRAM AND MLP PROGRAM*
(This is basically an extra BONUS Incentive PROGRAM that actually pays you cash just for producing energy from the solar.)
Depending on your current utility company you may qualify to receive cash earnings based on how much energy your solar system produces monthly.
You may be eligible for either the 10-year SMART earnings program if you have National Grid, Eversource, or Unitil.Â
If your Utility Company is a Municipality they may be offering the MLP program which is a rebate that is dependent on the size of the system. There are shade and size restrictions to qualify. The rebate usually takes up to 90 days to receive the full rebate, which is approx. $1.20 per watt, more or less.
(The figures above could change at any time. Incentives are changing as they are time-sensitive. Future Energy Solar does not guarantee pay-out amounts, or eligibility as they are decided by the program’s regulations. We do submit the applications to help you secure available incentives, but we cannot guarantee the incentive outcomes.)