Whether you’re a homeowner or a corporation building a new headquarters, it can pay to go solar. Tax incentives offered by federal, state and local authorities promise to dramatically lower the cost of installing a solar-energy system, making it more affordable.
Finding the programs can be something of a scavenger hunt. The federal government offers an array of tax rebates and exemptions for individuals and businesses, including:
- Investment Tax Credits – Eligible individuals and businesses can write off 30% of the cost of installing a renewable energy system, including photovoltaic.
- Modified Accelerated Cost Recovery System (MACRS) – Businesses may recover the cost of installing solar-electric systems through depreciation deductions.
- Residential Energy Conservation Subsidy Exclusions – Energy conservation subsidies from public utilities are exempt from federal taxes.
- Energy Efficient New Homes Tax Credit – Establishes tax credits of up to $2,000 for builders of all new energy-efficient homes.
Various states are also doing their part to encourage the use and development of solar energy, offering sales tax rebates, corporate tax credits and property tax incentives. But it isn’t universal. Roughly half of U.S. states offer corporate tax incentives, and even fewer offer personal tax credits.
The more financially rewarding of these programs, including various grants and loan programs as well as power company rebate programs, can be found using the Database of State Incentives for Renewables & Efficiency also called DSIRE. An easy-to-use point-and-click chart lets users search for programs in any state as well as federal incentive programs.
In business for almost 30 years, ROOFCORP is committed to helping our customers recoup their investment as quickly as possible, and has the expertise to help you decide if a rooftop solar-energy system is the right way to go. Contact us today to learn how we can cover your needs.