The Massachusetts Solar Tax Credit is a nice solar incentive for Massachusetts homeowners. The Massachusetts State Tax Credit is 15% of your total system cost, capped at $1,000. Like the Federal Tax Credit, you must purchase your system, either through a cash purchase or a loan, in order to claim this tax credit.
Speaking of the Federal Tax Credit, you’ll be able to claim both of these tax credits off the total system cost, totally for a potential of a 45% tax credit.
Let’s take a look at an example. If your total system cost was $20,000, your 15% MA Tax Credit would be $3,000, but it would stop at the cap of $1,000. Once you subtract the 30% federal tax credit, which in this case is $6,000, your net system cost is $13,000. Without any other incentives, that’s $7,000 off your total system cost.
You can see how the MA state tax credit is another good solar incentive in MA.