As featured on ADVANCED ENERGY SOLUTIONS
Details for ADVANCED ENERGY SOLUTIONS - Ad from 2020-11-21
Solar IncentIveS SunSettIng Soon Business owners in Illinois who commit to a solar energy solution this year can get a substantial portion of their investment back through incentives with the state and federal government. This comes at a time when solar installation costs have fallen dramatically, making today the perfect time to protect yourself against rising energy costs. is possible to take advantage of the tax credit even if construction can’t begin this year. The IRS also allows the business to depreciate 87% of the cost of their solar installation over 6 tax years instead of 15. This program is calledtheModifiedAccelerated Cost Recovery System, often abbreviated MACRS. It is wise This year there is a federal to involve your tax professional investment tax credit worth early to determine how to best 26% of the total installed cost utilize this incentive. of the solar system; money Illinois has a program that from reduced tax liability that allows the system owner to a business owner can keep in sell the commodity value of their business. The credit can solar production also known be spread out over 5 years. as Solar Renewable Energy Pass through entities can apply Credits (SRECs). The program this to their personal taxes evaluates production of the against passive incomes. There solar system for 15 years and are financing options that can pays the owner for the value of monetize this credit for entities that production. The program that can’t utilize it or prefer is nuanced and it is critical that to roll that value into a the consumer partners with a financing option. state approved vendor. A list of Since solar installation can approved vendors is available take time and is dependent on on the Illinois Adjustable the weather cooperating, the Block Program website at incentives are no longer bound http://illinoisabp.com/finda-vendor/ to the date that the system is turned on or “energized”. With available incentives, Making a commitment and record low installation costs continuous effort towards and rising energy prices, it completion allows the project makes sense to make a call to be “safe harbored” for the and explore solar energy as an tax credit. In other words, it investment today.