News > Tax NewsFinancing Options for Residential Solar Projects
Posted by evengreentechnology in News on October 20th Tom Kuhnhackl Youth Jersey , 2018
Idaho’s solar industry has been on an upward trend over the last several years, producing over 200 MW of new solar energy in 2016 alone. Solar power can generate a range of environmental and economic benefits for utility companies, homeowners, local governments, and communities as a whole, making it an increasingly viable alternative to traditional energy sources.
Residential homeowners interested in installing solar power have different financial incentives at their disposal to help offset the costs of purchasing and installing a solar project. Those incentives can be enjoyed across the state Greg McKegg Youth Jersey , from installations in downtown Boise to Twin Falls solar projects.
Residential Tax Credits and Rebates
Idaho Residential Alternative Energy Tax Deduction: The state of Idaho allows you to deduct up to 40% of the cost of a solar installation from your annual income taxes. You can make the 40% deduction in the first year of installation, and then deduct an additional 20% each year for three years. Annual deductions are capped at ,000, and the maximum deduction is ,000.
Federal Investment Tax Credit: This federal tax credit lets you deduct 30% of the cost of the purchase and installation of a residential solar project. This deduction drops to 26% for projects constructed after 2020, and 22% for projects that begin in 2021. Residential projects constructed in 2022 will not be eligible for a deduction.
Income Tax Deduction for Energy Efficiency Upgrades: If you’re not ready for solar Bryan Rust Youth Jersey , you could be eligible to deduct up to 100% of the cost to buy and install an energy efficiency project such insulation upgrades, window retrofits, or air duct sealing.
Visit energy.gov for more information about these programs.
Loans
Idaho State Energy Loan Program: The Idaho Governor’s Office provides low-interest loans to help spur the development of residential energy projects. Homeowners can leverage a 4% interest rate over the course of five years, and single family homeowners can access up to ,000 in low-interest loans.
These state and federal incentives are designed to make solar projects more cost-effective for homeowners across the country. These financial tools have already spurred significant growth in the solar industry, both in Idaho and across the country Justin Schultz Youth Jersey , and are expected to continue to bring down the cost of residential solar installations in the coming years.
By one estimate, the Solar Investment Tax Credit has already yielded 59% of compounded annual growth within the solar industry over the last decade and is expected to quadruple solar deployment by the end of 2020, potentially adding 0 billion to the U.S. economy.
If you’re interested in solar deployment on your property, energy management Boise companies like EvenGreen Technology can help you evaluate your renewable energy options and help determine whether a tax deduction or loan program is the best fit for your solar installation. The right financial incentive could help save you between 30% and 50% of the total cost of your solar PV system, according to EvenGreen Technology.
There are other, more complicated Olli Maatta Youth Jersey , financial options available to homeowners beyond loans and tax credits. These include performance-based incentives, where some states or utilities will pay solar PV system owners a certain amount for every kilowatt of energy produced.
Another option available in some states is known as Property Assessed Clean Energy Programs, which is a financing mechanism where a homeowner receives financial assistance to finance an energy upgrade and then pays for the cost of installation through property taxes over the lifetime of the loan. This finance mechanism is not currently available in Idaho.
About EvenGreen Technology
EvenGreen Technology offers advanced, competitively priced solutions for solar Meridian clients and other communities throughout Idaho. EvenGreen Technology provides a holistic approach to energy efficiency with modern technologies, advanced designs, effective engineering Mario Lemieux Youth Jersey , high-quality installations, consumer education, and affordable and reliable products.
For more information, visit Evengreentechnology
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