Federal Government Tax Credit
The Solar Investment Tax Credit (ITC) is a bedrock solar incentive. The federal government provides a tax credit worth 30% of the cost of your system. It’s a dollar-for-dollar, uncapped tax credit that can be carried forward into the future.
Federal Government Tax Credit
Modified Accelerated Cost Recovery System (MACRS) is a depreciation method that allows the owner of solar energy equipment to claim a significant tax deduction. As an incentive, the IRS has classified solar energy as a 5-year property under the MACRS depreciation schedule.
Positive Public Perception
No matter what business you’re in, your reputation matters. While more businesses are beginning to appreciate the virtues of going green, “eco-conscious” businesses are still in the minority. Therefore, the decision to install solar power on your building will automatically differentiate you from competitors. More than anything, it represents a commitment to quality, care and operational efficiency, as well as the environment. By marketing your building as “green,” you’re also likely to attract publicity. Soon you’ll be known as a leader, an innovator, and an environmentally responsible corporate neighbor.
Savings
The most prominent benefit of switching to solar energy is the money you save. Being able to offset some or all your electricity usage with solar reduces your monthly utility bill from day one. Additionally, by owning your power source, your company locks in energy generation and is less exposed to ever-rising energy rates.
Plus, more immediate savings can be seen when you turn the tax liability into an investment via the 30% federal tax credit in 2022. As a business owner, the money you save can be used to grow your successful company.
Sustainability
Since solar is a clean, renewable, and cost-effective energy source, your company’s investment in an array is also an investment in the future of our planet. Solar technology is a large component of reducing both national greenhouse gas emissions and the negative effects of climate change.
By making the decision to invest in solar, you’re spreading the message to employees, potential customers, and investors that your company contributes to the growth of renewable energy in your community. Take advantage of the opportunity to install EV charging stations to power your fleet, attract customers, and demonstrate corporate leadership.
Increased Property Value
Incorporating solar power into your commercial building can dramatically increase the economic value of your property. Renewable energy systems are known to increase resale value by $20,000 for every $1,000 in annual electricity savings. In some states, solar power systems are also exempt from sales tax and property tax increases. By investing in solar power, you not only boost the economic value of your property but also make it more attractive to investors who might be willing to pay a premium for a building that is economically and operationally efficient.
Reliability
Solar provides a low, essentially fixed electricity rate that your company can rely on for the 25+ year lifespan of your array. Annual savings make solar a low-risk investment with a powerful ROI. With the manufacturer’s warranty on panels and O&M service options from our dedicated service team, your investment is protected.
Turn your business into a reliable resource by adding electric vehicle (EV) charging stations. Depending on your business goals, this addition can help increase customer and employee loyalty, power your fleet, or demonstrate your corporate leadership.