The RESIDENTIAL Solar Tax Credit, which is among several Federal residential clean energy credits available through 2032, allows homeowners to receive 30% of their solar system's total cost back, in addition to their normal tax return, for the tax season following the solar installation. EIS constantly researches additional incentives offered through solar and the electrification of your home and vehicle.
The COMMERCIAL Solar Tax Credit (ITC), has undergone significant an fantastic changes this year with the passage of the IRA. Commercial, industrial and agricultural properties and still get the 30% ITC but now also can qualify for additional incentives which can increase the ITC to 40-60%. Yes, up to 60% tax credit on your solar array plus SREC’s and MACRS depreciation. We are seeing commercial and industrial facilities with ROI’s under 5 years and IRR’s over 20%.
FARMS and Agricultural businesses can also qualify for REAP which provides a grant up to 35% of your solar project costs. This is a competitive process but EIS has significant experience and long history of success with this program and is happy to assist you in applying for the grant.
Non-Profits are now eligible for Direct Pay of the ITC thanks to the recent passage of the IRA. The credit amounts are similar to those of commercial but since Non-Profits do not pay federal tax, a check is cut directly to the Non-profit for the 30-60% of the project cost using the Direct Pay option of the IRA.
Our dedicated environmental tech consultants will help keep you on track when it comes to understanding these incentives and what's available for your unique situation. This includes filing your paperwork to ensure you're setup and receiving PA's Solar Renewable Energy Credits (SRECs), providing you with the proper paperwork and procedures in order to ensure you receive your full Federal Tax Credit, helping you to multi-phase your project appropriately in order to maximize your incentive potential, as well as initiate relationships between you and the proper teams to ensure you're capitalizing on any incentives being offered well after your solar installation is complete.
If you would like to do some investigating of your own, we recommend checking out The US Department of Energy's website dsireusa.org in order to stay up to date. Otherwise, contact EIS today to have someone from our solar specialist team guide you through the many monetary and environmental incentives for making the switch to solar today!
EIS is not providing tax advice and recommends you consult your tax advisor regarding your specific situation.