The Federal Business Energy Investment Tax Credit
Solar power pays off. Literally.
As trusted solar leaders in North Carolina, we’re current on all of the applicable tax credits and rebates. We’re proud to help our commercial customers identify all of the available solar energy tax credits, rebates, and other financial incentives associated with commercial solar energy systems.
For starters, you can claim a federal business energy tax credit of 30% of qualified expenditures for a commercial solar system. The 30% credit lasts through 2033 when the step-down begins and drops to 26%.
Commercial solar energy systems are also eligible for depreciation through the Modified Accelerated Cost Recovery System (MACRS). MACRS depreciation for solar projects is recovered over a 5-year schedule. Eligible solar projects placed in service prior to 1/1/2018 qualify for 50% bonus depreciation. Projects placed in service in 2018 qualify for 40% bonus depreciation, and in 2019 qualify for 30%.
Finally: your nonprofit business could get a rebate just for being a Duke Energy utility customer. North Carolina House Bill 589 sets aside annual limits of 5MW for commercial solar projects and 2.5MW for non-profit projects; qualifying commercial projects are eligible for rebates on up to 100kW of their solar investments. Nonresidential customers could receive as much as $50,000; nonprofit customers could receive up to $75,000.
Does your business qualify?
We can help you figure it out if you aren’t sure! Give us a call.