We are your solar resource
Solect focuses on the smart, practical application of solar energy solutions based on your needs as well as specific state and national regulations and incentives. The complex and ever-shifting policy landscape requires constant and in-depth attention. We maintain comprehensive knowledge of existing policies and upcoming changes, so that our experts can help businesses, municipalities, educational institutions, and nonprofit organizations reap the optimal financial benefits of solar power.
Now is the time for businesses and property owners to invest in solar.
Federal and state incentive programs make investing in solar a sound business decision. In addition, 29 states across the U.S. have created Renewable Portfolio Standards (RPS). Adoption of an RPS program requires utilities and other energy providers to procure a set amount of energy from renewable sources. The program acts as a guide for states to create incentives that support their specific RPS goals – and it’s working.
FEDERAL SOLAR INCENTIVES
With expertise and involvement at the national level, we can help your organization take full advantage of the solar incentives offered by the U.S. federal government.
The Investment Tax Credit
The ITC provides up to a 30% federal tax credit for eligible costs to the owner of a solar project. Additional tax incentives may be available depending on the specifics of the project. This incentive increased with the passing of the Inflation Reduction Act of 2022. For more information visit:
Solar assets qualify for the Modified Accelerated Cost Recovery System (MACRS) accelerated depreciation schedule which allows depreciation of 70% of the depreciable basis of the project in the first three years, and the rest in the following three years.
MASSACHUSETTS SOLAR INCENTIVES
Massachusetts DOER recently added an additional 1,600 MW of solar capacity, 3,200 MW total, under the
BENEFITS OF THE SMART PROGRAM:
- “Bankable” long-term, predictable incentive payment: guaranteed fixed incentive rate for 20 years paid monthly
- Projects are easier to finance: fixed 20-year tariff rate, with an investment-grade credit quality
- Stable income from avoided electricity costs for 25+ years (system lifetime)
- Greater flexibility: two options to go solar – use the power on-site, or sell it all to the utility – you decide
- Numerous additional incentive “adders” including rooftop systems and certain consumer types
- Incentives to pair solar + energy storage: take control of your peak demand charges with storage
KEY SMART UPDATES:
- Higher incentives available for public entities
- Carve out in block for 25-500 kW systems
- Better compensation for behind-the-meter projects
- Alternative on-bill credits (AOBCs) available in locations where net metering is capped
- Additional compensation for low income districts
- Energy storage is now required for all projects sized 500 kWAC and greater
Let us guide you through all of the Commonwealth’s state solar incentives, currently including:
READ THE LATEST ON MASSACHUSETTS SOLAR INCENTIVES:
CONNECTICUT SOLAR INCENTIVES
The Connecticut Renewable Portfolio Standard (RPS) is a state policy that created generous financial incentives for development of renewable energy projects. We can help your organization combine the recently increased federal incentives with the following state incentives to significantly reduce costs or create a new revenue stream.
- Non-Residential Renewable Energy Solutions (NRES) Program
- Commercial Property Assessed Clean Energy (C-PACE) Program
RHODE ISLAND SOLAR INCENTIVES
Rhode Island’s goal to reduce greenhouse gas emissions – 45% below 1990 levels by 2035, and 80% by 2050 – has bolstered renewable energy policies and we’re deeply familiar with the details of each and every one. The state has instituted several incentive programs to make alternative energy, like solar, economically feasible for businesses and commercial property owners, including:
- Renewable Energy Growth (REG) Program
- Renewable Energy Fund (REF)
- Property-Assessed Clean Energy (PACE)
READ THE LATEST ON RHODE ISLAND SOLAR INCENTIVES: