Incentives

Historically, the federal/local governments and industry-specific entities have offered financial incentives to stimulate an industry.  Currently, the US Federal Government and local utility companies are offering financial incentives from which residential and commercial consumers may benefit. RENERGY will assist with the completion of all documentation regarding the Federal Tax Credit and available rebates

Rebates

Rebates may be offered by local utilities. Contact your local utility or discuss with RENERGY during your Site Survey Visit.

Tax Credits

Residential

The US Federal Government provides a tax credit toward the purchase (including labor and materials) of your solar system. A tax credit cancels a portion of actual taxes owed.

A taxpayer may claim a credit for a system that serves a dwelling unit located in the United States. Expenditures include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home.

Gradual step down tax credit value for Solar Energy Systems:
January 1, 2020 – December 31, 2022 | Tax Credit Amount 26%
January 1, 2023 – December 31, 2023 | Tax Credit Amount 22%

Expenditures with respect to the equipment are treated as made when the installation is completed. If the installation is at a new home, the “placed in service” date is the date of occupancy by the homeowner.

Please discuss details with your CPA.

Commercial

The Consolidated Appropriations Act, signed in December 2015, included several amendments to this credit which apply to solar technologies and PTC-eligible technologies. Notably, the expiration date for these technologies was extended, with a gradual step down of the credits between 2019 and 2022.

January 1, 2020 – December 31, 2022 | Tax Credit Amount 26%
January 1, 2023 – December 31, 2023 | Tax Credit Amount 22%
January 1, 2024 – December 31, 2024 | Tax Credit Amount 10%

Please discuss details with your CPA.