Solar Power, Panels for your Home - Rebates & Incentives | SUNBELT SOLAR ENERGY
Rebates & Incentives
Federal Tax Credits, Utility Rebates, & Depreciation
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Federal Tax Credit
The federal government is allowing a 30% federal income tax credit for a residential system with no maximum dollar amount. The tax credit for commercial buildings is 30% of the solar system costs with no maximum dollar amount.
Electric utilities across Florida, in early 2011, have announced solar electric rebate programs that are coming soon. Contact Sunbelt Solar Energy today to see if your electric utility provider has a program that can help you go solar.
For homeowners who finance their solar system, they may be able to deduct the interest paid.
5-Year Accelerated Depreciation (for Businesses)
Modified Accelerated Cost-Recovery System (MACRS) – This is a accelerated depreciation method in which the IRS allows businesses to depreciate the actual cost of a PV system (after ½ of the 30% tax credit has been deducted) over a 5-year period.
These incentives will cover a substantial portion of the total cost, and the result is solar power being competitive with electric utility power. And possibly, depending on inflationary increases in the coming decade(s), be significantly less expensive than the prevailing energy rates of the future.
This includes potential incentives and tax benefits of installing a solar photovoltaic system. You should confirm the availability of the economic incentives and you should consult your tax advisor about the tax credit before you install a solar photovoltaic system.