Commercial Solar Rebates and Incentives
This 4.6KW system at the Hope General Store was eligible for more than $13,000 in rebates and tax incentives.
Commercial solar installations are eligible for a 30% federal tax credit (which is eligible to be taken as a treasury grant check through 2011!).
Businesses can also opt for accelerated depreciation on a renewable energy system for increased savings. In depth information on grant programs is available in our guide to federal solar incentives for 2011.
Commercial Solar Electric Rebates
These rebates apply to grid-tied solar electric systems for businesses.
In Maine:
- 30% Federal Tax Credit or Grant - Commercial solar systems qualify for an uncapped 30% federal tax credit. This credit (not deduction) can be taken against an existing income or AMT tax liability. For systems installed by the end of 2011, this tax credit can be taken as a grant. This grant will be paid out within 60 days of filing and will be paid out as 30% the cost of the system regardless of tax liability.
- $1,000 - $2,000 cash rebate from Efficiency Maine.
- Accelerated Depreciation - Solar systems are usually eligible for five year accelerated depreciation if claimed as a business expense. For projects in 2011, 100% of the depreciation can be taken in the first year! If you are eligible, this deduction can reduce your tax liability by as much as 34% of the system cost.
In New Hampshire:
- 30% Federal Tax Credit or Grant - Commercial solar systems qualify for an uncapped 30% federal tax credit. This credit (not deduction) can be taken against an existing income or AMT tax liability. For systems installed by the end of 2011, this tax credit can be taken as a grant. This grant will be paid out within 60 days of filing and will be paid out as 30% the cost of the system regardless of tax liability.
- Limited state rebates up to $50,000 available. Contact us for details. See Black Dog Car Wash and Sunset Hill House examples of businesses that have taken advantage of this program.
- Accelerated Depreciation - Solar systems are usually eligible for five year accelerated depreciation if claimed as a business expense. For projects in 2011, 100% of the depreciation can be taken in the first year! If you are eligible, this deduction can reduce your tax liability by as much as 34% of the system cost.
Incentive Details:
30% Federal Tax Credit - Commercial grid tied solar electric systems qualify for an uncapped 30% federal tax credit. This credit (not deduction) can be taken against an existing income or AMT tax liability.
For systems installed by the end of 2011, this tax credit can be taken as a grant. This grant will be paid out within 60 days of filing and will be paid out as 30% the cost of the system regardless of tax liability.
For more information about this incentive visit: www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US02F&re=1&ee=1.
5 Year Accelerated Depreciation - Solar electric systems may be eligible for five year accelerated depreciation if claimed as a business expense. If you are eligible, this deduction can reduce your tax liability by close to 25% of the system cost!
For more information about this incentive visit: www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US06F&re=1&ee=1
Maine State Solar Rebate - Commercial systems are also eligible for a $2,000 state rebate from the State of Maine (New Hampshire does not have as special commercial cash incentive). An energy audit is required to get the state rebate, and ReVision Energy will assist with the required rebate application.
For more information about this incentive visit: www.efficiencymaine.com/renewable-energy/solar.
The Impact of Incentives on Solar Power Cost:
There is a wealth of information about loans and grants available at DSIRE (Databaseof State Incentives for Renewables & Efficiency) - see their page for Maine solar incentives and for New Hampshire solar incentives.
Also please contact us for more information on loans, grants, and rebates as they apply to your specific situation.
