We are your solar resource
Solect focuses on the smart and 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 attention and appropriate analysis. We maintain comprehensive knowledge of existing policies and anticipated changes to help businesses, municipalities, educational institutions, and nonprofit organizations reap the optimal financial benefits of solar energy projects.
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. Besides, states authorities are walking the extra mile to promote renewable energy sources and facilitate reduced emissions. Renewable portfolio standards (RPS) programs are a notable example of the proactive efforts driven by the states to usher in a greener future. These are a set of policies encouraging electricity suppliers to provide customers with a stipulated share of electricity from eligible renewable resources. According to the US Energy Information Administration’s report, as of November 2022, 36 US states and the District of Columbia, established a renewable energy goal or Renewable portfolio standards (RPS). The report further suggests that in 12 of the states, the requirements are designed to achieve 100% clean energy by 2050, or if possible, earlier.
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:
Accelerated Depreciation
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.
CONTACT US TO TAKE ADVANTAGE OF FEDERAL RENEWABLE ENERGY TAX CREDITS
MASSACHUSETTS SOLAR INCENTIVES
Massachusetts DOER recently added an additional 1,600 MW of solar capacity, 3,200 MW total, under the
SMART program.
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:
CONTACT US TO TAKE ADVANTAGE OF YOUR STATE’S PROGRAMS
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
CONTACT US TO TAKE ADVANTAGE OF YOUR STATE’S PROGRAMS
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:
CONTACT US TO TAKE ADVANTAGE OF YOUR STATE’S PROGRAMS
START POWERING YOUR TOMORROW, TODAY.
Contact us for a free analysis of your community’s solar potential –
we look forward to serving you!