With Government incentives, there isn't a better time to convert your business to solar!
Commercial Solar Energy Incentives
Until now, businesses have ONLY been able to write-down the cost of going solar, based on their marginal tax bracket, in many cases reducing the cost of solar by 30%. As of November 3, 2022 the Federal Government announced the Clean Technology Investment Tax Credit of up to 30%.
Combining these incentives allows businesses to cover up to 51% of the
costs for installing solar within the first year!
Yes, these incentives can be use in conjunction with each other to help businesses generate massive savings when going solar!
To clarify these incentives, under the Federal Tax Incentives for Clean Energy Class 43.1 and 43.2 allow businesses to write-down 100% of the capital cost for installing solar panels in the first year. Based on a businesses marginal tax bracket, this often amounts to a 30% savings, in the form of tax credits in the first year of operation. Traditionally, these capital costs could only be written down at annual rates ranging from 4-20%, taking businesses many years to these savings.
Under the newly announced Fall Economic Statement 2022, the Federal Government has created the Investment Tax Credits for Clean Technology which provides a refundable tax credit of 30% and covers the capital costs of installing solar panels and stationary electricity storage systems. Although applications for the Clean Technology Investment Tax Credits won’t be available until April 2023, these programs are often retroactive to the announcement date, being November 3, 2022.
Are you interested in knowing how solar power can offset your operating expenses? Let our experts show you haw we’ve helped many other businesses benefit from going solar! Request your Free Estimate Today!
Our teams are dedicated to staying on top of all current information released surrounding the Clean Tech ITC. If you have any questions, contact us today!
