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Solar Energy in a Taxing Time: How the GOP Tax Bill Affects Commercial Solar Rebates

Posted by IntegrateSun Team on May 11, 2018 9:15:00 AM

Solar-Energy-in-a-Taxing-Time-How-the-GOP-Tax-Bill-Affects-Commercial-Solar-RebatesOf the few certainties in life, one of them is taxes. The 2018 tax season is in full swing, and this
year it’s imperative to know how the new GOP tax plan will impact your business – especially if
it means you can cut yourself a break!

A Major Win for Renewable Energy Supporters – and Their Wallets, Too.

In December of 2017, the Republican Party signed off on a new Tax Cuts and Jobs Act that
would aim to cut corporate taxes significantly – from 35 to just 21 percent, to be specific. But
where there’s slack given, there may also be slack taken away. The initial version of the House
tax bill released in November planned to scale back tax credits for wind and solar energy
considerably.

Fortunately, both Iowan and Nevadan senators harshly opposed those proposed changes, and
advocates of the renewable energy sectors can now rest easy knowing that the bill largely
preserves tax credits for individuals and businesses using wind energy, solar power and electric
vehicles.

How Does Investing in Solar Energy Save My Company Money?

Businesses investing in solar energy are eligible for tax credits under the Business Energy
Investment Tax Credit (ITC), more commonly referred to as the solar tax credit. Rebates of up to
30 percent of the initial investment are available to companies committed to using wind or
solar energy to power their business.

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While the ITC has been amended a number of times, businesses can expect to maintain a 30
percent rebate on solar energy construction that begins prior to December 31, 2019. For now,
the tax forecast predicts that those rebates will eventually reduce to 10 percent, making a solar
energy investment within the next two years a sure win for businesses interested in making the
switch.

Do I Qualify for The Rebate?

If you own a solar energy system – whether it be equipment to generate electricity, to heat or
cool water, or to provide solar process heat – yes, you qualify for the rebate. If you don’t have
enough tax liability to claim the entire 30 percent in one year, you can roll out the remaining
credit for future years.

If your business has already installed a solar energy system, be sure to let your accountant
know and take advantage of the rebate for the 2018 tax season.

Still have yet to invest? Not to worry. Contact us today and we’ll get you started on the path
towards clean, green renewable energy – and a better tax season in 2019.

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Topics: Commercial Solar, solar panels, Solar Energy