Solar energy is cost-effective and good for the environment. It is gaining in popularity with homeowners and businesses. Installing a solar system will add value to your home or business property. It also provides, a federal tax credit and in some cases a state incentive to those who “go solar.”
Those businesses that install solar systems can qualify for a 30 percent federal dollar-for-dollar incentive. Businesses also qualify for accelerated depreciation which can be taken in the first year. With businesses generally having a much higher electricity bill than residential buildings, the system sizes must be larger. The larger the system size, the greater, over time, the dollar savings. The dollar savings, along with the tax credits can provide a business with a very fast return on its investment in solar energy.
The federal investment tax credit (ITC) for Solar PV, is a well-recognized tax program that provides a federal income tax credit to those who have purchased and placed in operation solar photovoltaic systems. According to the Homeowner’s Guide to the Federal Investment Tax Credit for Solar PV, “The tax credit is a dollar-for-dollar reduction in the amount of income tax you would otherwise owe. For example, claiming a $1,000 federal tax credit reduces your federal income taxes by $1,000.” Your Solar One customer care representative can provide you with all the details and eligibility requirements for federal tax credit. These incentives dramatically lower the cost of a solar panel system or energy efficiency project. These solar tax credits and rebates often make solar power less expensive than power from the utility company.