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Tax Incentives & Exemptions for Solar Power Users

TAX INCENTIVES

Tax Incentives

The U.S. federal solar tax credit, also referred to as the investment tax credit (ITC), was established by the Energy Policy Act of 2005. The ITC allows owners of solar energy systems to deduct 30 percent of the cost of installing the system from their federal taxes. The ITC applies to both residential and commercial systems.

Tax Exemptions

According to SEIA, solar tax exemptions come in two forms: property tax exemptions and sales tax exemptions.

Go to SEIA Site

Property tax exemptions: A solar energy system often adds value to the residential of commercial property where the system is installed. States that have solar property tax exemptions allow homeowners or business to exclude that added value from the valuation of their property for tax purposes. Currently, the majority of U.S. states offer property tax exemptions for renewable energy. Because property taxes are collected by local municipalities and taxing authorities, some states have granted those authorities the option of allowing the property tax incentive for solar systems.

Sales tax exemptions occur when a homeowner or business can purchase a solar power system without paying sales tax on the purchase. This incentive reduces the up-front cost of installing solar power. Currently, 29 U.S. states offer sales tax exemptions for solar energy.

An excellent resource for learning about solar-related policies and incentives in any U.S. state is updated regularly by the NC Clean Energy.

Go to DSIRE Site

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