Solar Tax Incentives & Rebates
Most states offer tax incentives and rebates to make solar more affordable than ever. This allows you to invest in a solar system with no risk and at a lower cost. Be sure to contact your tax professional to check your eligibility for certain tax incentives.
Federal Tax Credit
Homes and businesses going solar may qualify to receive 26% of the full cost of their solar energy system back as a credit against their total tax liability for the year the system was installed. This credit may be used all at once or spread over five years.
The Federal Tax Credit will decrease to 22% in 2021. In 2022, homes going solar will no longer qualify for a Federal Tax Credit and businesses will go to a permanent 10%.
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Receive a cash rebate on your solar system from select power companies. These rebates are only offered for a limited time, so reach out to your utility company as soon as possible to reserve your rebate money for going solar.
Businesses going solar may also depreciate 100% of the their solar energy system and recoup up to 21% of original system price. This money may be recovered in the first year of purchasing the system or spread out over several years.
Businesses located in rural areas may be eligible for a REAP grant, providing up to 25% of your total cost to go solar along with a loan guarantee.
With a PACE loan, you can finance the cost of your system for up to 20 years and add your repayment to your yearly property tax. Through this program your business may also be able to pay for energy efficiency and LED lighting with a long-term, fixed-rate loan.
Tax and Rebate Resources
For the most up to date information you can visit link below to check your local and state incentives.