With Government incentives, there isn't a better time to subsidize your business solar power!
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%.
The Federal Government announced the Clean Technology Investment Tax Credit of up to 30%, in addition to the tax write-downs.
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!
As of January 1st, 2024, under the Federal Tax Incentives for Clean Energy Class 43.1 and 43.2 allow businesses to write-down 75% of the capital cost for installing solar panels in the first year. Businesses can write down the remaining balance in future years. Based on a businesses marginal tax bracket, this often amounts to a 21% 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.
We have helped many businesses with commercial warehouses, utilize the space on their roof for solar electricity production. Generally, the roof tops are wasted space and are largely an expense due to longer term maintenance costs. Put your roof to work by generating electricity that subsidizes your electricity costs, while also protecting your business from increasing electricity costs.
Is your business planning to install rows of EV chargers for employees or for customers? Are you concerned about the increased electricity expense to charge EV’s? Installing solar panels is a great way to prevent increased electricity expenses due to EV chargers.
Are you interested in knowing how solar power can offset your operating expenses and protect your business from the increasing costs of electricity? 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!