Solar Power Costs for Commercial Properties
Thanks to innovations in technology and a larger understanding of environmental issues, going green is easier than ever. The solar power costs associated with installation are typically paid off quickly, making solar power a wise long-term investment. No matter what selection you make, achieving energy independence is worth the solar power costs.
Federal tax credits
The IRS allows business owners to receive a tax credit equal to 30% of your solar power costs. A tax credit is better than a deduction, because if the amount is large, it can be carried forward to apply to future tax years. This credit can be applied the year prior to installation and carried forward for 20 years. You can also claim an accelerated five-year MACRS depreciation on 85% of the system value. Combined, these two benefits often equal more than half of the system cost.
Financing options: PACE
Property Assessed Clean Energy (PACE) is an efficient and no-money-down way to get business owners into solar power by financing the power system like a tax through the county or city office. PACE is not yet a state-wide program and is strictly based on counties and cities throughout Florida. Visit the following websites for more information and to see if your business is located in an area that has accepted PACE.