Maine Solar Panel Credit

Maine does not offer state solar tax credits.

Maine solar panel credit.

Maine state energy tax credits. In maine you can get a pace loan for up to 15 000 for 15 years at a 4 99 interest rate. Don t worry that much though. This is higher than the average price of residential solar power systems across the united states which is currently 2 60 per watt.

Customer s monthly payments end up being the same as or lower than their current electric bill. You can claim the credit for your primary residence vacation home and for either an existing structure or new construction. As a credit you take the amount directly off your tax payment rather than as a deduction from your taxable income. Solar electric systems qualify for a 26 federal tax credit in 2020.

As of sep 2020 the average cost of solar panels in maine is 2 87 per watt making a typical 6000 watt 6 kw solar system 12 756 after claiming the 26 federal solar tax credit now available. 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. 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. This applies to both residential and commercial solar pv systems.

Contact our team for a free solar assessment. Here s how it works. We think the legislature can do more by offering you a personal tax credit to help offset the cost of switching to solar power. 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.

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. 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.