What rebates and incentives are there in Maine for solar?
The federal Investment Tax Credit has been one of the most reliable and impactful incentives for solar across the U.S. This solar incentive allows you to deduct 26 percent of the total system cost from your federal taxes. For example, a solar energy system installation that costs $15,000 out of pocket will qualify for a tax deduction of $3,900. This advantageous incentive lasts until the end of 2022 - the tax credit amount steps down to 22 percent for 2023. The federal ITC is eliminated for residential solar installations after 2023, but commercial solar energy system owners can still deduct 10 percent of a commercial solar system cost from their taxes beyond 2023.
Besides the federal ITC, Maine provides additional incentives for going solar that are dependent on your area and utility company. Maine maintains a renewable portfolio standard, which it aims to meet in part through providing solar incentives for home- and business-ownders. Additionally, inexpensive loans through Property Assessed Clean Energy (PACE) and community shared solar models help Maine make a name for itself in the solar energy sector. To learn more about Maine’s best financial incentives for solar, check out our complete overview of the state’s best solar incentives.
The federal solar tax credit
Don’t forget about federal solar incentives! With the Investment Tax Credit (ITC), you can reduce the cost of your PV solar energy system by 26 percent. Keep in mind that the ITC applies only to those who buy their PV system outright (either with a cash purchase or solar loan), and that you must have enough income for the tax credit be meaningful.