SolarReviews | Maine Solar Power Rebates and Incentives
Solar Power Rebates, Tax Credits and Solar Panel Incentives in Maine; 2012 Update
The incentives and rebates available for solar power in Maine are as follow.
Maine's RPS or Renewable Portfolio Standard
Maine's Public Utilities Commission (PUC) adopted rules for the state's Renewable Resource Portfolio Requirement. Maine has set a target of 30% of electricity to come from renewable power.
Federal Tax Credit
The single most significant financial incentive for your solar power system in Maine is the same Federal Tax Credit that applies right across the USA. This gives you a credit on your Federal Tax bill equivalent to 30% of the cost of your solar system For more information on this visit out page "The 30% federal tax credit for residential solar power systems" Because this is a tax credit you get the benefit of this when you do your next federal tax return, rather than getting a cheque on the day of installation. Still, it has a real value if you are in a position where you are paying annual federal income tax equivalent to 30% or more of the value of your solar panel system.
Maine State Rebates
Maine has a state based rebate system in operation for solar power, the rebate is available to a maximum of $2,000 . Funding restrictions apply and is on a first come first served basis. The total fund was increased from $500,00 to 1,000,000 in April 2012. The best way to see if funding is still available is to click "here" and get contacted by local solar professionals who knows the current state of play.
Maine Net Metering
All of Maine's electric utilities must offer net metering for individual customers. Net metering means that your Utility will monitor how much power you consume versus how much power you generate back to the grid. Net metering is available to owners of eligible, qualified facilities. Net excess generation (NEG) is credited to the following month for up to 12 months; after that any excess generated kilowatt hours or credits are granted back to the Utility. You need to contact you Utility for details of their Net metering programs.
Maine Solar Incentives and investment case: Summary April 2012
Maine has a reasonable overall package of incentives to help meet its solar targets. It is not the best but it is not the worst. It seems that the Maine legislature are heading in the right direction as far as establishing the required incentives that will encourage the uptake of solar power in the state. A state funded rebate program is currently being reviewed (May 2012) and hopefully we will see a new program on offer soon.