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Do I qualify for Federal Tax Credits?
The solar investment tax credit (ITC) provides individuals or companies with a direct reduction in their income taxes owed to the federal government. It is equivalent to the full amount of money spent on installing solar systems. For homeowners, the federal ITC is calculated at 30% of the installation cost. In the case of leased systems, Sun Energy Today gathers this incentive and transfers the savings directly to the homeowner. Take action now, as the earlier you adopt solar energy, the greater your potential savings!
Embracing the benefits of solar power brings various advantages, with the Federal Solar Investment Tax Credit (ITC) and 5-Year Modified Accelerated Cost Recovery System (MACRS) standing out prominently. These incentives have played a crucial role in cost reduction for companies making the switch to solar energy. Moreover, businesses can take advantage of a range of rebates and incentives offered at the state, municipal, and utility levels, further facilitating the adoption of renewable energy. To explore the specific incentives available in their area, businesses can refer to the Database of State Incentives for Renewables & Energy, which serves as a valuable resource.