Making the solar switch saves your business money on your energy bills and designates you as an environmental leader. The combination of rising utility costs, dramatically decreased solar costs, and a 30% federal tax credit combined with rapid depreciation makes solar an option for leading businesses in our region.
Savings: Depreciation + 30% Fed Tax Credit = Approximately 50% savings!
Rapid Depreciation – Over Five Years
* Learn more: Modified Accelerated Cost-Recovery System (MACRS)
30% Federal tax credit:
- 30% of Photovoltaic (Solar Electric) System
* Learn more: Federal Renewable Energy Tax Credit
* EPA website on How to File for the Federal Tax Credit solar energy systems.
USDA Rural Energy for America Grant and Guaranteed Loan Program (USDA REAP)
- Agricultural Producers & Rural Small Businesses
- Up to 25% Grant, 75% Guaranteed Loans are Available
- Qualifying Renewable Energy & Renewable Energy Projects
*Learn more: USDA REAP
Solar Renewable Energy Credit (SREC) Program:
- Each SREC is equivalent to 1 MWh; Calculations of SRECs for each system are based on estimated annual production factor of 14.38%
- SRECs are able to enter into 5-year contracts based on their project bid amount
For example, a 10 kW system will be eligible to bid 63 SRECs in the program using this formula:
10 kW / 1000 kW * 14.38% * 8760 * 5 yrs = 63 SRECs
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