Solar For Your Business

federal tax credit

When thinking about ways to improve income and value for your business, solar can be a great option.

Electricity Rates on the Rise

With electricity rates on the rise and plenty of government incentives available, a commercial solar system should be considered as a way to eliminate and control overhead from utilities and minimize tax exposure.

Major programs and incentives for considering solar include the investment tax credit (ITC), utility programs like Net Metering, and MACRS accelerated method of depreciation.

The Solar Investment Tax Credit is currently a 30% Federal Tax credit claimed against the tax liability commercial investors in solar energy property. This tax credit has helped the industry grow at a whopping 59% compound growth since its inception.

More information on the Solar ITC can be found here.

Net Metering

Net metering allows system owners to feed energy back onto the grid that they generate with their solar system. Some, but not all utilities offer a Net Metering program. Excess energy generated in a billing period will be credited to a customers account to be used in another billing period. Any additional energy needed by the facility in excess to what’s produced by the system will be billed to the customer at the normal rate.

With certain utilities, the system size will determine how much energy you can carry forward into another billing period. The major benefit of this program is that it allows energy producers a way to manage their energy production in a way that does not require the use of battery storage. Excess energy produced from the system is placed back onto the grid, and then consumed by the facility when it is needed (at night for example).

Solar energy equipment is eligible for a cost recovery period of 5 years through MACRS or Modified Accelerated Cost Recovery System. This allows for 85% of the total system cost (100% less half of the 30% Solar ITC) to be deducted from his or her tax basis. Generally speaking, this depreciation method accounts for about another 30% of the system value in tax savings.

More information on the tax credit can be found here.

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