Solar Energy Incentives
Did you know there are solar tax incentives that allow your business to save big with solar energy? The Sundog Solar team can help you take advantage of this outstanding opportunity! Sundog Solar also offers financing for small commercial solar systems.
Solar Investment Tax Credit Saves You 30%
There is a generous federal tax credit that lowers the total cost of a renewable energy system by 30%. This money-saving opportunity is available for both residential and commercial solar energy installations in Maine.
Tax credits are a dollar-for-dollar reduction in income taxes owed and are therefore more valuable for the taxpayer than a write-off. Qualified expenses include the cost of the solar panels, inverter, components, and the solar installation.
Installing a solar system on your home can qualify you for the Solar Investment Tax Credit. For example, if you install a $10,000 solar system, the tax credit would reduce the total net cost of the system by an estimated $3,000. In addition, you may be able to take a 5-year accelerated depreciation for the system. Speak with your tax specialist to determine if you qualify.
The Solar Investment Tax Credit will begin tapering off in 2020, making now a great time to invest in a clean energy system for your home!
Power Purchase Agreements for Organizations and Municipalities
Get solar panels installed by Sundog Solar and pay only for the solar energy they produce. With our solar power purchase agreements (PPAs), a third-party owns your solar system and is responsible for all system maintenance. You agree to buy the solar electricity for a predetermined price, for a given timeframe. Sundog Solar installs state-of-the-art solar equipment and is here to help every step of the way.
Our PPAs are ideal for non-profit organizations and municipalities that want to go solar but don’t qualify for the federal solar tax credits. Most agreements involve purchasing the solar system after a certain length of time for a specified price.
When evaluating solar system costs, there are three primary considerations:
- Cost of the solar system
- Government incentives for clean energy
- Return on Investment
The price of solar energy has declined significantly in recent years for both residential and commercial systems because the cost of solar panels and other components plummeted. The price of your solar energy system will depend on how much electricity you need and how and where the solar panels will be installed.
Government Incentives for Solar Power
The Federal Tax Credit for solar system was extended for five years and is good news for Maine home and business owners. The tax credit can reduce the net cost of a solar energy system by 30%! Commercial systems may also qualify for an accelerated depreciation of the solar system. Speak with your tax expert for details.
Sizing Your PV System
The Sundog Solar team begins sizing your solar panel system by looking at your business’s electric bills to calculate the total amount of kilowatt hours you consume. If you provide this information to one of our solar PV experts, we can estimate your solar system cost and potential savings. The solar energy system size can also be influenced by the amount of roof space you have, your tax write-off appetite, how much of your bill you would like to eliminate, and your overall project budget.
Solar Energy Savings
Net Metering allows utility customers to save money by earning credits for each kilowatt produced above their kilowatt usage for the month. Credits are used during lower production periods and are good for 12 months. Customers pay a minimum monthly charge and have access to utility power when needed but will not be reimbursed for unused credits if they expire.
Thanks to strong federal incentives for clean energy, there’s never been a better time to invest in a commercial solar powered system in Maine. There is a 30% federal tax credit given for the entire cost of your solar electric system and an accelerated 5-year depreciation available!