Massachusetts Solar Energy Programs

Incorporating renewable energy into your portfolio makes a lot of sense, as it is a reliable source of energy that does not deplete. Going solar is something that is completely within the financial reach of the average family, and it is a great way to reduce your carbon footprint. There are a number of different grant and loan programs available in Massachusetts that offer attractive rates and terms, making it simpler for families there to go solar.

Massachusetts Solar Investment Grants

One of the simplest renewable energy grants available is the Massachusetts Solar Investment Grant, offered by the state of Massachusetts. Eligible applicants must agree to install a 12-panel solar electric system that provides at least 2.5 kilowatts of power per day, with a minimum capacity of 100 watts. The grant provides up to $5,000 in funding, along with zero-percent interest loans that can be paid back over time with electricity.

To be eligible for the grant, property owners must be residents of Massachusetts and meet certain net metering requirements. Applicants will need to provide evidence that at least 90 percent of the electricity generated will be consumed on the property. In addition to the grant, the state of Massachusetts also provides a 20 percent financial help toolkit for solar projects. The state-funded PV Preferred Provider Program offers a similar grant that is available to homeowners and businesses. Eligible applicants must develop a plan to adopt solar energy with an available payment option.

Massachusetts Solar Loan Modifier

If you are looking for a zero-percent loan with an attractive rate, consider applying for a solar loan modifier. With a zero-percent solar loan modifier, you get to keep the same rate, but you won’t have to pay upfront for the cost of installation. The Massachusetts Clean Energy Credit is another government-backed loan program available in this state that allows you to purchase solar equipment with an interest rate as low as 3.75 percent.

Clean Energy Grants And Loans For Homeowners

If you are a homeowner looking to install solar energy equipment or develop a solar power system, you can apply for a variety of different grants and loans to help with the cost. The Solarize Your Roof grant through the Sun Fund offers a cash grant up to $5,000 to homeowners that want to install solar electric systems on their rooftops. The grant requires that the system generate at least 2.5 kilowatts of power per day, with a minimum capacity of 100 watts. Interest rates for this loan are also at an all-time low.

The Massachusetts Property Tax Credit for Solar Energy is also available to homeowners and provides a tax credit of $20 per kilowatt installed, providing you meet certain eligibility requirements. The credit applies to both commercial and residential solar installations. You will need to apply for this credit before the end of 2021.

Home Energy Rental Credit

Another government-backed loan program available in Massachusetts is the Home Energy Rental Credit. This credit is offered by the state, and it allows residential customers to deduct energy expenses that they incur from renting out their properties for commercial purposes. Eligible customers must either be homeowners or must have a tenant who pays the rent using at least one of the following payment options: Amex, Bank Check, or Money Order. Tenants must pay their portion of the rent through the first of the month, while homeowners must pay on the 15th of each month.

The home energy rental credit does not apply to properties that are either a hotel or a nursing home. The credit has an interest rate of 3.75 percent for residential customers.

Massachusetts Mortgage Initiative Loan

If you are looking for a loan that allows you to purchase a new solar system or develop an existing one, the Massachusetts Mortgage Initiative Loan can help. This government-backed loan program is offered by the state of Massachusetts and allows eligible customers to take out a $20,000 loan to help with the cost of their solar installations. Eligible applicants must either be homeowners or must have a tenant who pays the rent using at least one of the following payment options: Amex, Bank Check, or Money Order. The interest rate for this loan is 2.5 percent for residential customers and can go as high as 10 percent for commercial customers, with certain restrictions.

Incorporating renewable energy into your portfolio makes a lot of sense, as it is a reliable source of energy that does not deplete. Going solar is something that is completely within the financial reach of the average family, and it is a great way to reduce your carbon footprint. There are a number of different grant and loan programs available in Massachusetts that offer attractive rates and terms, making it simpler for families there to go solar.

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