California remains by far the largest state solar market in the USA. Currently approximately 85% of all solar power system installations in the United States are performed in California. Property owners benefit from decreased utility costs, Federal tax credits, and a variety of attractive financing methods to suit all needs.
Financial Incentives for Solar Power Systems
Solar power systems are more relevant than ever, and affordable for Californians. The following financial incentives are helping to make Californian a much greener place:
- Long-term savings in energy costs, as those operating solar power
- systems will have little or no cost from their utility companies.
- Federal solar tax credit
- Increased property values
- Avoided loss of utility dollar value with respect to inflation
The federal solar energy tax credit was renewed in October 2008 with the passage of the Emergency Economic Stabilization Act of 2008. As a provision of this landmark piece of legislation, any property owner who owns a solar systems or any other renewable energy project is eligible for a sizable tax credit. Why not let the feds pay for 30% of your energy costs! If not you, then who is using your tax dollars?
Provisions of the Federal Solar Power Tax Incentive
The solar investment tax credit (ITC) stipulates that:
- Both residential and commercial solar energy installations are
entitled to a 30 percent federal investment tax credit. This means 30% of the cost of a solar PV system can be claimed as a credit against tax liability.
- The tax credit is a 1-to-1 offset of tax liability, not to be confused with a write-off or a depreciation schedule.
- Unused portions of the tax credit can be carried forward to
subsequent years until the credit is exhausted.
For more information about solar tax credits for solar power systems installed in Orange, Los Angeles, San Bernardino, San Diego and Riverside counties and other financial incentives regarding solar power systems, contact us at Peak Power Solutions. We will spend our time with you and listen to your goals to assess a plan. We then propose investment options with the intent of helping you make a well informed decision. With your FREE Solar Analysis in hand you can move ahead to utility cost predictability, savings and investment earnings.