With the new provisions in the Inflation Reduction Act, non-profit entities are no eligible to receive up to 30% of the solar project cost back as a one-time payment. This can dramatically help reduce the cost of solar installations.
Talk to our team today to see how we can help your organization secure these credits.
Before January 1, 2025
Begins on or After January 1, 2025 and Before January 1, 2026
Begins on or After January 1, 2026 and Before January 1, 2027
Begins on or After January 1, 2027 and Before January 1, 2028
Begins on or After January 1, 2028
Additional cumulative bonus tax credits are potentially available if the following are met:
The Rural Energy for America Program (REAP) also provides financial assistance for solar energy in rural communities. The USDA REAP grant program was allocated $2 billion until 2031 to provide grants and loan guarantees to rural small businesses including farmers and ranchers. The Federal commercial solar panel cost share for grants under REAP was raised from 25% to 50%.
Contact us today to find out if your project qualifies and how this might affect your project schedule and tax benefits.
Offset the cost of your solar panel installation by taking advantage of the many federal, state, and local tax rebates on offer – many of which are at their most lucrative, thanks to the Inflation Reduction Bill. Depending on your location, USDA REAP grants are also available. Not sure what tax credit you can get?
Get a 30% federal solar tax credit when you install solar panels in your commercial or nonprofit property without caps on expenses - so even if you invest 100K, you’ll still get a 30K tax credit!
The Modified Accelerated Cost Recovery System (MACRS) depreciation system allows systems to be depreciated to zero over five years, which allows for additional tax earnings most homeowners are unable to get.
Depending on the location of the property, the United States Department of Agriculture Rural Energy for America Program (USDA REAP) can provide up to a 50% rebate on the project costs.
Did you know that utility companies will buy your solar panel system's excess energy? That means you can reduce electricity bills while also earning extra income
Though the federal solar tax rebate will stay in place for commercial property owners, businesses, and nonprofits until 2035, it will actually decrease gradually over the next decade. In 2033, the tax rebate will drop to 26% and in 2034 it will drop to just 22%.
Our advice? Strike while the iron’s hot and get your solar panel installation completed soon to enjoy the maximum tax credit.
According to the government, businesses qualify for the 30% federal solar tax rebate if their solar PV system is:
If you’re a commercial property or business owner, our solar experts can help you understand what tax credits you qualify for and how to avail of them. Just give us a call!
North Carolina solar incentives first started as a result of House Bill 589 in 2017. With this bill, clean energy advocates created a way to incentivize individuals to choose solar in North Carolina. The bill’s purpose is to minimize switching costs by offering local rebates for individuals seeking affordable clean energy.
Yes, accelerated depreciation is a tax-deductible expense for companies in North Carolina with solar panels. MACRS depreciation system allows systems to be depreciated to zero over five years, which allows for additional tax earnings for commercial businesses in NC.
At 8MSolar, we approach commercial solar system design with an engineering first approach. When discussing your system with 8MSolar, you will not be talking to a salesperson. You will talk to actual licensed professional engineers (PEs) who have implemented dozens of similar systems throughout the US. They will be able to help you decide if your property is a good candidate for solar and design a complex system to perfectly fit the energy needs of your business.
Commercial solar panels are substantial electrical systems that need expert engineering knowledge. Trust the licensed professional engineers at 8MSolar to give you unbiased, independent design studies and help you deliver the ideal system for your facility.