California has become the largest solar energy market in the United States. How? Financial incentives.
Since 1993, California has passed more than 160 laws creating an assortment of monetary inducements to support the use and development of solar and other renewable-energy technologies. Those inducements range from an assortment of loan and grant programs designed to help defray the cost of installing a solar energy system to utility bill rebates and tax breaks.
Perhaps the best known, is the California Solar Initiative. The $2.9 billion incentive plan for home and building owners who install solar-energy systems was launched in 2007 by then Gov. Arnold Schwarzenegger to lead to one million solar roofs in California by 2018.
It’s been an enormously popular program, so much so that it is running out of money. Some utility companies are no longer accepting applications. More details can be found at the Go Solar California web site.
But California property owners can also get breaks on their tax bills. Federal tax incentives are available, including the investment tax credit that allows individuals and businesses to write off 30% of the cost of installing a solar-energy system from their federal taxes.
California also allows the following state exemptions:
- Solar-energy systems are exempt from property tax assessments. That means the solar panels added to your roof won’t increase your local property tax bill.
- Farmers are exempt from sales and use taxes for farm equipment powered by solar energy.
The dollars and cents add up quickly. As a premiere roofing and solar contractor in California, ROOPFCORP is committed to helping our customers recoup their investment and put cash back in their pockets.
The Database of State Incentives for Renewables & Efficiencyweb site provides a comprehensive guide to federal tax incentives, as well as tax credits and other renewable energy incentives available in California.
Or talk to a ROOFCORP expert. Contact us today to learn more about tax breaks and other financial incentives at your disposal.