Maine Solar Panel Credit

You can claim the credit for your primary residence vacation home and for either an existing structure or new construction.

Maine solar panel credit.

This credit is a dollar for dollar tax credit and will reduce the amount of tax owed by the system owner before any deductions are applied. Maine state energy tax credits. This applies to both residential and commercial solar pv systems. Maine solar power performance payments performance based incentives maine does not offer solar power performance payments also know as production incentives.

There is still the big beautiful federal tax credit to help ease your transition to solar. This is higher than the average price of residential solar power systems across the united states which is currently 2 60 per watt. We think the legislature can do more by offering you a personal tax credit to help offset the cost of switching to solar power. Solar electric systems qualify for a 26 federal tax credit in 2020.

Don t worry that much though. Batteries that are connected to a solar array and recharged by solar also qualify for this credit per an irs letter released in 2018 https www irs gov pub irs wd 201809003 pdf. Maine does not offer state solar tax credits. While all specifics are still being hammered out keep your eyes peeled for the option to go solar without actually having to put any panels on your own roof.

Mosaic solar loans for people who ve wanted to go solar but found upfront price an obstacle maine solar solutions offers solar loans for no money down through mosaic. In maine you can get a pace loan for up to 15 000 for 15 years at a 4 99 interest rate. Customer s monthly payments end up being the same as or lower than their current electric bill. Maine has also passed laws to encourage the piloting of community shared solar a model that would allow mainers to buy into larger shared solar installations.

Contact our team for a free solar assessment. Community solar in maine. As a credit you take the amount directly off your tax payment rather than as a deduction from your taxable income.