Both the Federal and State governments pay for a portion of your solar system when you purchase it. The federal government pays 30% of total gross system cost via a Federal Tax Credit. Depending on your state they will also pay a portion of the system cost in state tax credits. In Arizona for example, the state will pay an incentive of 10% up to $25,000 for any one building. A single business can apply for this incentive twice per year to cover multiple buildings up to $50,000, or $25,000 per building. Depending on the utility there may be rebates which pay for a portion of the renewable energy or battery system.
The Investment Tax Credit (ITC) is currently a 30 percent federal tax credit claimed against the tax liability of residential, commercial and utility investors in solar energy property. The residential ITC allows the business that installs, develops and/or finances the project claims the credit. A tax credit is a dollar-for-dollar reduction in the income taxes that a person or company claiming the credit would otherwise pay the federal government. The ITC is based on the amount of investment in solar property. Both the residential and commercial ITC are equal to 30 percent of the basis that is invested in eligible property which have commence construction through 2019. The ITC then steps down to 26 percent for projects that begin construction in 2020 and 22 percent for projects that begin in 2021. After 2021, the residential credit will drop to zero while the commercial and utility credit will drop to a permanent 10 percent. Call 480-636-0321 today to learn how much in solar tax credits you can receive with a solar system for your business.
Canna Solar 