Maine offers some of the most generous solar incentives in the country, making it an attractive market for commercial solar projects. The Maine Solar Rebate Program offers a rebate of up to $2 per watt for eligible projects, with a maximum rebate of $20,000. In addition, Maine offers a tax credit of up to $1,500 for the purchase and installation of solar equipment. These incentives, combined with Maine’s favorable climate and high electricity rates, make Maine an attractive market for commercial solar developers.
Local Option – Property Assessed Clean Energy
Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. In participating municipalities, homeowners can get PACE loans with a fixed interest rate of 4.99% and a term of up to 15 years, with the amount ranging from $6,500 to $15,000.
Solar and Wind Energy Property Tax Exemption
Maine offers a property tax exemption for solar and wind energy equipment generating heat or electricity, as long as all of the energy is (1) used on-site where the property is located or (2) transmitted through the facilities of a transmission and distribution utility, and a customer or customers receive a bill credit for the energy produced.