Commercial solar installations can vary in purpose, from helping to reduce the daily energy requirements of a business to a for-profit commercial solar farm covering many acres of land. Businesses have a wide variety of energy tax credits, solar incentives and rebates to draw on when implementing new energy strategies. Federal tax credits (Investment Tax Credit) of 26% for 2022, 22% for 2023 and 10% beyond, apply to all expenditures on solar panel installations, wind turbine installations, geothermal installations and energy efficiency projects.
In addition, The current federal law allows business to take a 100% of the asset depreciation the first year that can, depending on your tax rate, double the tax credit. If you pay a lot in Federal taxes, you may get back over 50% of your install costs.
Commercial solar options extend far beyond photovoltaic rooftop panels and may include:
Parking Structure Canopies
Microgrids
Ground Mount Solar
While most business owners are driven to embrace solar energy because they want to utilize clean energy sources, they are often surprised to find out that commercial solar power installations can be extremely good business too.
Renewable Energy Credits + Solar Depreciation = BIG $avings
The 26% Federal energy tax credit that runs until the end of 2022 and is fully applicable to all commercial solar panel installations. In addition, many states also have solar energy rebates, tax credits and other incentives to help businesses lower the cost of going solar. Call us for more detailed information on the solar incentives available.