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Investing in green energy? Act fast to claim tax credits

Did last year’s tax overhaul benefit your business? Do you now have more capital to invest in improvements? If you’ve been holding off on green investments because you are concerned about the short-term cost, now may be the time to consider taking the plunge.

If you invested in green energy upgrades in 2018 – installing solar, geothermal, or wind to power your business – you might qualify for up to a 30 percent corporate tax credit rebate on your investment.

If you are considering installing green energy options, you’ll want to consider acting quickly because tax credits will be diminishing over the next several years.

According to the schedule posted on energy.gov, solar projects will be eligible for up to 30 percent corporate tax credits through 2019, will drop to 26 percent in 2020, and 22 percent in 2021. Geothermal projects are reimbursable up to 10 percent, and that credit for certain projects will go away after 2021.

The credit has been around for more than a decade, and the program has overgone significant changes several times. Currently, building owners in the commercial, industrial, utilities and agricultural sectors can take advantage of the credits. The credits are only available to those who originate the use of the green energy – you can’t simply buy energy from a green supplier – and must be installed by qualified contractors and meet certain standards for quality.

The use of this tax credit can be combined with other credits, too, to maximize benefits. Check with your tax professional for details. You might be able to quickly redeem some of the upfront investment in green energy, and also see reduced energy costs long term as well.

Interested in learning more about how your green energy efforts can be tied together with integrated building solutions? We’re leaders in innovative building integration and we can help. Call (800) 567-1180 for a consultation today.