The American Recovery and Investment Act of 2009 allows solar owners to apply for a grant from the Treasury Department in lieu of the 30% Investment Tax Credit (ITC), which was passed late last year. This means that a cash grant, equal to 30% of the cost of eligible solar projects, can be recouped by system owners.
Businesses can benefit from substantial tax credits offered by both the state and the US Federal Government for the installation of new solar photovoltaic system installations.
Federal Tax Credits
The federal government offers a 30% tax credit on the cost of equipment and installation of a solar photovoltaic system. This applies to all systems placed into service before December 31, 2016.
There are no caps on the federal tax credits. Systems are also eligible for 5 year accelerated depreciation which pulls in the value of the depreciation tax deduction for your business.