Disclaimer: This information presented below provides an overview of the federal investment tax credit for those interested in commercial solar photovoltaics, or PV. It does not constitute professional tax advice or other professional financial guidance. And it should not be used as the only source of information when making purchasing decisions, investment decisions, or tax decisions, or when executing other binding agreements. See your financial advisor for guidance – we are NOT financial advisors- BUT we are builders of the best solar generators in the world.
According to https://news.energysage.com/solar-tax-credit-explained/, the investment tax credit (ITC), also known as the federal solar tax credit, allows you to deduct 26 percent of the cost of installing a solar energy system for your commercial business from your federal taxes. The ITC applies to commercial systems, and there is no cap on its value.
https://www.energy.gov/sites/default/files/2021/02/f82/Guide%20to%20the%20Federal%20Investment%20Tax%20Credit%20for%20Commercial%20Solar%20PV%20-%202021.pdf provides an excellent US Government resource as to what is covered on both solar standalone and solar generator trailer systems for business and commercial systems. Depending on your project and uses there may be substantial cost savings to you for NEXGEN Solar to provide you with low cost, custom built, solar solutions
Also according to the USG Office of ENERGY EFFICIENCY & RENEWABLE ENERGY, https://www.energy.gov/eere/solar/homeowners-guide-federal-tax-credit-solar-photovoltaics, in December 2020, Congress passed an extension of the ITC, which provides a 26% tax credit for systems installed in 2020-2022, and 22% for systems installed in 2023. The tax credit will most likely expire starting in 2024 according to the GAO.
There is no maximum amount that can be claimed.
For more information and to get your custom solar generator project started at a possible huge savings – please contact Garet Douglas at 254-227-6254.