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 is higher than the average price of residential solar power systems across the united states which is currently 2 60 per watt. Solar electric systems qualify for a 26 federal tax credit in 2020. Maine state energy tax credits. As a credit you take the amount directly off your tax payment rather than as a deduction from your taxable income.

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. In maine you can get a pace loan for up to 15 000 for 15 years at a 4 99 interest rate. Contact our team for a free solar assessment. Maine does not offer state solar tax credits.

There is still the big beautiful federal tax credit to help ease your transition to solar. Don t worry that much though. Community solar in maine. 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.

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. Here s how it works. 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. 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 lacks any tax credits for solar power.