Solar Rebates and Incentives
Disclosure: Any information regarding taxes, tax credits and depreciation is for your information. HelioNation recommends that you seek the advice of a tax professional or CPA to verify whether you would be eligible to take advantage of the rebates and tax benefits provided by a solar system.
Federal Tax Incentives for Residential Solar Customers
In October 2008, Congress passed the Emergency Economic Stabilization Act of 2008 or the “Bailout Bill”.
- Extended the Federal Investment Tax Credit (ITC) for solar through 2016.
- Eliminated the cap of $2000 for the tax credit, so that residential customers could benefit from a tax credit worth 30% of the cost of installing their solar electric system. Previously, only commercial applications could receive the 30% tax credit.
- Some wind and geothermal projects can now qualify for tax credits
- Electric utilities can receive tax credits related to the installation of renewable energy sources
- Renewable Energy Bonds are authorized through 2009
State Rebates and Incentives
A HelioNation-Approved Solar Installer will inform you of your current state and local rebates. Or you can get more information at www.dsireusa.org.
Tax Incentives for Business Owners
Business owners may be able to take advantage of the 5-year Accelerated Depreciation schedule. The tax incentives involved in this provision make the investment in a Solar Electric System even more attractive, as it reduces the amount of time that the system is paid for by another 2-3 years.
Tax Incentives for Commercial Property Owners
The Federal Investment Tax Credit still applies to commercial properties as it has before the “Bailout Bill.” Commercial properties still receive the uncapped 30% federal tax credit.
Tax-Exempt Entities
Non-profits, certain religious organizations, most governments and others may not realize the same benefits due to their tax-exempt nature.
