Please contact us for assistance with any of the following information. We are happy to help you understand which incentives are available to you and where to find more information. The information on this page is not tax advice; please seek professional advice from a qualified tax advisor before claiming any tax benefits or exemptions.
Solar Renewable Energy Credits (SRECs)
SRECs are salable credits generated by the creation of solar electricity. You produce more than 1 SREC for every 1kW of PV that you install. ReKnew has an exclusive relationship in the SREC market that could allow you to get an average of $400/SREC over 10 years. For a 15 kW system (about 18 SRECs) that’s $7,200 per year and $72,000 over a decade, cash in hand!
The Massachusetts SREC market was authorized by the State Department of Energy Resources (DOER) to begin operating January 2010. Massachusetts requires that its utilities meet Renewable Portfolio Standards (RPS) by either generating their own solar electricity or by purchasing SRECs. By law, SRECs are worth between $285 – $550. They are either traded or sold at auction by aggregators. DOER developed the SREC program to promote sustainable solar growth in MA, and they project the current SREC trading program to be active through about 2030. Our examples below will only show a 10 year projection to be conservative, but you may continue to produce and sell SRECs for the duration of the SREC program.
1 SREC = 1 MWhr of electric production = 1,000 kWhr of electric production
1 kW installed PV = about 1,200 kWhr of electric production per year = 1.2 SRECs per year
The Massachusetts state rebate is available to electricity customers served by the following Massachusetts investor-owned electric utilities: Fitchburg Gas and Electric Light (Unitil), National Grid, NSTAR Electric and Western Massachusetts Electric. In addition, customers of certain municipal lighting plant (MLP) utilities are now eligible. PV systems must be between 1kW-10kW. The rebate will cover larger systems but only up to the 5kW rebate amount. Massachusetts gives a 100% sales tax exemption for the purchase of a renewable energy system.
Base incentive: $0.75/watt
Adder for Massachusetts company components: $0.10/watt
The DSIRE website will give you access to Massachusetts state solar energy incentives as well as the state’s rules, regulations, and policies related to renewable energy.
Solar Hot Water
The Commonwealth Solar Hot Water Commercial Program offers grants up to $10,000 through a non-competitive application process for SHW pre-design studies and construction projects. This is a $1 million pilot program available to electricity customers served by Fitchburg Gas and Electric Light (Unitil), National Grid, NSTAR Electric and Western Massachusetts Electric.
Also called Property Assessed Clean Energy (PACE). Check with your local municipality to determine if this incentive is available in your area. This incentive allows property owners to pay for a renewable energy system over a period of up to 20 years through a special assessment charged as a new line item on their property tax bills and paid to the municipality.
MA Incentives
Please contact us for assistance with any of the following information. We are happy to help you understand which incentives are available to you and where to find more information. The information on this page is not tax advice; please seek professional advice from a qualified tax advisor before claiming any tax benefits or exemptions.
Solar Renewable Energy Credits (SRECs)
SRECs are salable credits generated by the creation of solar electricity. You produce more than 1 SREC for every 1kW of PV that you install. ReKnew has an exclusive relationship in the SREC market that could allow you to get an average of $400/SREC over 10 years. For a 15 kW system (about 18 SRECs) that’s $7,200 per year and $72,000 over a decade, cash in hand!
The Massachusetts SREC market was authorized by the State Department of Energy Resources (DOER) to begin operating January 2010. Massachusetts requires that its utilities meet Renewable Portfolio Standards (RPS) by either generating their own solar electricity or by purchasing SRECs. By law, SRECs are worth between $285 – $550. They are either traded or sold at auction by aggregators. DOER developed the SREC program to promote sustainable solar growth in MA, and they project the current SREC trading program to be active through about 2030. Our examples below will only show a 10 year projection to be conservative, but you may continue to produce and sell SRECs for the duration of the SREC program.
1 SREC = 1 MWhr of electric production = 1,000 kWhr of electric production
1 kW installed PV = about 1,200 kWhr of electric production per year = 1.2 SRECs per year
State Rebates
Photovoltaic Electric (PV)
The Massachusetts state rebate is available to electricity customers served by the following Massachusetts investor-owned electric utilities: Fitchburg Gas and Electric Light (Unitil), National Grid, NSTAR Electric and Western Massachusetts Electric. In addition, customers of certain municipal lighting plant (MLP) utilities are now eligible. PV systems must be between 1kW-10kW. The rebate will cover larger systems but only up to the 5kW rebate amount. Massachusetts gives a 100% sales tax exemption for the purchase of a renewable energy system.
The DSIRE website will give you access to Massachusetts state solar energy incentives as well as the state’s rules, regulations, and policies related to renewable energy.
Solar Hot Water
The Commonwealth Solar Hot Water Commercial Program offers grants up to $10,000 through a non-competitive application process for SHW pre-design studies and construction projects. This is a $1 million pilot program available to electricity customers served by Fitchburg Gas and Electric Light (Unitil), National Grid, NSTAR Electric and Western Massachusetts Electric.
Utility Incentives
These incentives vary by utility company.
Clean Energy Assessment Districts (CEAD)
Also called Property Assessed Clean Energy (PACE). Check with your local municipality to determine if this incentive is available in your area. This incentive allows property owners to pay for a renewable energy system over a period of up to 20 years through a special assessment charged as a new line item on their property tax bills and paid to the municipality.
New Generation Energy Local Loan Program (VT, NH, MA)
This is a 1-10 year loan for $5,000-$100,000. Any for-profit or non-profit enterprise is eligible.
Other Resources