Why think about Solar now?
[/col] [col span=”7″ span__sm=”12″ span__md=”7″ align=”left”]President Biden signed the Inflation Reduction Act into law on Tuesday, August 16, 2022. One of the many things this act accomplishes is the expansion of the Federal Tax Credit for Solar Photovoltaics, also known as the Investment Tax Credit (ITC). This credit can be claimed on federal income taxes for a percentage of the cost of a solar photovoltaic (PV) system. Under the Act, the ITC increased in amount and its timeline has been extended. Those who install a PV system between 2022 and 2032 will receive a 30% tax credit. That will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. For more information, visit Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics
[/col] [/row] [row label=”Stats”] [col span=”3″ span__sm=”12″]30%
Those who install a PV system between 2022 and 2032 will receive a 30% tax credit.
[/col] [col span=”3″ span__sm=”12″]26%
That will decrease to 26% for systems installed in 2033.
[/col] [col span=”6″ span__sm=”12″]22%
22% for systems installed in 2034.
[/col] [/row] [/section] [section label=”Text + Icons” bg_color=”rgb(244, 244, 244)” bg_overlay=”rgba(255,255,255,.5)” padding=”9px”] [gap] [row style=”large”] [col span=”6″ span__sm=”12″ span__md=”12″] [ux_text font_size=”1.5″]Other tax benefits that is potential to be eligible:
[/ux_text]The total amount of depreciation expense is recognized as accumulated depreciation on a company’s balance sheet and subtracts from the gross amount of fixed assets reported.
[/col] [col span=”6″ span__sm=”12″ span__md=”12″] [featured_box img=”1043″ img_width=”50″ pos=”left”]Federal Depreciation
The amount of accumulated depreciation increases over time as monthly depreciation expenses are charged against a company’s assets.
[/featured_box] [gap] [featured_box img=”1044″ img_width=”44″ pos=”left”]First Year State Deprecation
State tax bonus depreciation deductions allow income taxpayers to claim depreciation of business or income-producing property at a higher percentage the first year the property is in service.
[/featured_box] [gap] [/col] [/row] [/section]Limited Utility incentive/grant funds!
[row] [col span__sm=”12″] [row_inner] [col_inner span__sm=”12″] [accordion] [accordion-item title=”Incentives / Grants / Rebate”]Rebates from your state and/or utility company can sometimes involve an intricate application process, but these types of rebates are often the most lucrative (making it well worth any extra effort). The rules behind applying for state or utility rebates are typically stricter than requirements for other types of rebates: you may find that there are restrictions on the type of equipment you can use, on minimum or maximum system size requirements, or on which installers you can work with (and what certifications/licensing they need).
[/accordion-item] [accordion-item title=”City grant”]There are different city grant depend on your own property location you may eligible for city grant or not, this grant will be reviewed and approved every year, this year you may have it and next year you may not have it, We are here to help you to understand everything.
[/accordion-item] [accordion-item title=”Low-income grant or have a low-income tenant”]- Federal investment tax credit (ITC)
- Some states offer additional tax credits
- Based on your utility provider you will get yearly incentive