Benefits for non-residential solar projects in Maine
- 30% or more investment tax credit
- USDA REAP grant for up to 50% of
project costs for eligible businesses* - Bonus Depreciation (MACRS)
- Eliminate uncertainty in your energy expenses
- Save on your electric bill
- Receive new revenue from RECs
*Important REAP Updates (released on Dec 19, 2024): Maximize Your Grant Potential
- Act Now: Submit your application by December 31, 2024, to secure a grant covering 50% of the total installation cost.
- Limited-Time Opportunity: Applications submitted between January 1 and March 31, 2025, will be eligible for a 25% grant on total installed costs.
- Mark Your Calendar: Starting July 1, 2025, the grant maximum returns to 50% of the total installation costs.
Take advantage of these critical deadlines to maximize your savings!
Additionally,
- A rooftop solar system has the potential to power an entire building efficiently.
- Mitigate the impact of rising Central Maine Power prices by embracing renewable energy solutions.
- Guidance for rooftop solar: A minimum of 15,000 square feet of usable rooftop space is recommended for optimal solar installation.
Net Energy Billing (NEB) programs
Maine-based commercial and industrial entities have a range of funding avenues at their disposal. The NEB program is one of them, comprised of two sub-programs: Kilowatt-Hour Credit and Tariff Rate programs.
Program Overview:
- Through the NEB Kilowatt-Hour (kWh) Credit Program, Central Maine Power offers credits for every kWh of solar energy produced, matching the prevailing retail electricity rate.
- Under this initiative, production and consumption is reconciled monthly. Any surplus kWh remaining after each billing cycle is carried forward as credits towards the subsequent bill.
- The Tariff Rate program offers dollar credits applied directly to electric bills. These credits potentially offset demand charges, otherwise unaffected by kWh credits. The dollar credits are calculated as the system production multiplied by a utility-specific rate, determined annually by the Maine Public Utilities Commission.
- In 2024, commercial customers in Maine opting for the “Tariff Rate” option will receive dollar credits ranging from $0.172 to $0.181 per kWh.
- Both programs cater to commercial and industrial customers.
- Eligible projects for both options must be renewable generators with less than 5 MW capacity.
- Unused credits from either program will expire after 12 months.
- Customers can either own their project(s) or participate in a larger shared project, like a community solar subscription.
Solect and PowerOptions: The Power of Partnership
Solect is a proud partner of PowerOptions, New England’s leading energy procurement consortium serving nonprofits and public sector organizations. Together, we offer accessible solar energy and storage solutions to cities, towns, schools, state agencies, and nonprofits across the region.
Our partnership extends beyond the traditional Power Purchase Agreement (PPA) to offer a range of benefits, including expedited deployment, exclusive incentives, competitive pricing, and comprehensive system maintenance through the Solect and PowerOptions Solar and Storage Program.
Explore our robust portfolio of PPA projects facilitated by PowerOptions and learn more about the Maine PowerOptions program here.
Explore how PPA works in detail here.
Why Solect: our differentiators at a glance
Solect Energy is a proud New England company since 2009.
Excellence in quality, safety, value, and performance forms Solect’s cornerstones.
Our consistent process delivers outstanding results for our clients.
Assess project site(s) and current and future electric profile
Present analyses and recommendations on financial benefits
Contract, engineer, and
develop
Construct, interconnect, and commission projects
Optimize your solar ROI
with cutting-edge O&M services
Asset and performance management
and compliance