MoreThe new federal tax credit on solar-powered equipment is making the future look bright for companies with the ability to take advantage of emerging technology. These operations can now enjoy significant savings on a variety of solar-powered environmental equipment.
Effective Jan. 1, 2006, the federal tax credit for commercial solar installations has increased to 30 percent for a two-year period. Enterprises installing solar-powered equipment before 2008 will enjoy a tax credit in addition to savings on energy, chemicals, labor and potential citation costs. The credit applies to the total amount of equipment expenditures remaining after any state or utility incentives available to the taxpayer have been taken.
The business solar tax credit will continue to be administered as before; all that has changed is the increase to 30 percent. An accountant or tax professional familiar with these rules should be able to address any specific issues.
For more information, e-mail solarbee@solarbee.com.
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