Solar Power Incentives
Incentives Help Make Solar Power Affordable
The federal government and various states have programs in place that help reduce the cost of a new solar power system. These programs were instituted to encourage sustainable energy programs in order to reduce the reliance on fossil fuels for electricity generation. Solar, as a clean distributed generation resource, helps reduce the load on the electricity grid during times of high electricity use. As a result, many utilities will also provide incentives.
Solar Power and the Federal Investment Tax Credit
The Federal Investment Tax Credit, or ITC, was put in place to encourage the installation of solar power systems by residential and commercial property owners. The ITC offers a tax credit against the income tax liability for owners of solar powered properties but the incentive is scheduled to be phased out over the next few years. If you are considering solar power, you should act quickly to take full advantage of the ITC. Ross Solar can make you aware of the current status of the ITC; however, we also recommend that you consult your tax advisor for more details on how this credit could impact your taxes.
States also Offer Solar Power Incentives
Like the federal government, many state governments also have programs to help support the installation of solar power systems. What is offered and how it is structured depends upon the state. Some states offer tax credits similar to how the ITC works, but others offer deductions on taxes and some provide rebates or other incentives.
Various state agencies administer the solar programs in the states where Ross Solar operates. We can advise you on the programs available in your state but we recommend you speak with your financial or tax advisor to learn more about how these programs may be applied to your situation. The best way to ensure that you receive all current incentives is to go solar now.