There are numerous federal, state, and local incentives that are designed to make going solar even more affordable than it already is. Our team helps organizations navigate these generous incentives to further maximize their solar investment.
Some incentives, like the Business Energy Investment Tax Credit (ITC), lower the cost of going solar.
The ITC is one of the most lucrative ways to reduce the investment costs of your solar installation.
The ITC is a federal tax credit that has made solar an affordable renewable energy option by granting a dollar-for-dollar reduction in the tax liability that an organization claiming the credit would otherwise pay the federal government.
The ITC reduces the upfront costs of investing in solar, allowing organizations to enjoy a shorter payback period and boost ROI. It has proven to be one of the most important federal incentives directly responsible for the growth of solar energy adoption in the U.S.
You claim the credit by filing IRS Tax Form 3468 when you file your yearly federal tax return. If you don’t have enough tax liability to claim the entire credit in one year, you can roll over the remaining credits back one year or into future years.
To secure the best level of this solar incentive, you need to begin construction of your solar PV system by December 2022. The ITC will remain at 26% of all solar PV system expenditures until the end of 2022, but then it will ramp down, eventually landing at 10%.
Other incentives can transform solar into an additional revenue stream for your organization.
Learn how to leverage available solar incentives to maximize and monetize your solar PV system. Read our 3-part series that provides information on time-critical solar incentive programs.
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