Environmentally conscious companies all over the United States have been switching to solar energy. What you may not know however, is that your planet-saving energy plan will also mean tax benefits and other incentives for your business – in addition to improving your reputation in your community. When you install commercial solar panels in Providence, RI and the surrounding area, you will receive the following state-specific incentives in addition to your federal tax breaks.
Rhode Island Renewable Energy Fund
This is a cash rebate funds commercial renewable energy products that generate energy for use on-site. You can receive up to $350,000 for a single project, depending on the size. Sometimes solar energy companies, like US Solar Works, will apply for this grant on your behalf, and start work only once they receive the award letter. You receive the funds when the project is complete.
This is a way for business to invest in renewable energy. A C-PACE is essential a loan that you pay on a tax assessment. Because it is tied to the solar energy installation and not the business, if you relocate at any time you can still receive payment for the property.
Class One Renewable Energy Certificates (RECs)
You solar energy is monitored by an REC broker, who then consolidates your energy production into megawatt hour packages which are then sold. The dividends will be paid to you either quarterly or annually.
Feed in Tariff
This tariff agreement will pay you for each kilo-watt of energy that you produce. This does not affect your electricity bill in anyway, but is only a payment for the energy that you produce. This will last about 20 years. If you choose to take advantage of the Feed in Tariff, you are not eligible for net metering – a federal incentive.
Alternative energy has become more and more popular as we become more environmentally conscious. Many people are benefitting from the energy created by sustainable sources like wind and solar. Solar panels in particular are an attractive option for business looking to go green, and there are many ways you can benefit from commercial solar panels in Boston, MA.
Once you make the initial investments to have the panels installed you no longer have to worry about energy costs. In a relatively short amount of time, the panels will pay for themselves by providing clean, solar energy for practically free. Maintenance costs are minimal compared to what you would have to pay using traditional energy sources.
When businesses make the switch to renewable energy, they become eligible for federal tax credits. This is usually equal to 30% of expenditures on systems with no maximum credit. As long as your solar panels remain operational you can receive these benefits.
In Massachusetts specifically, business can receive solar renewable energy credits. The amount of credits you receive are based on the amount of solar energy you produce. Then, the Massachusetts Clean Energy Center converts these credits into a cash payout either quarterly or annually.
Additionally, any business with a solar PV system with a capacity of less than 60 kilowatts and/or a capacity no greater than 125% of their historic energy needs is eligible to be property tax exempt.
When you’re ready to add your business to the growing list of green businesses, contact US Solar Works. We install solar panels on commercial businesses throughout New England.
Renewable energy, like solar, is rapidly becoming prevalent in residential areas – for good reason. The rewards of installing solar panels for your home in Boston, MA far outweigh the risks. In fact, you may find the investment incredibly rewarding in the long term.
After making the initial investment to have them installed, your new solar panels will typically pay for themselves in 5 to 8 years. While utility bills will rise over time, the energy generated by the sun is consistently free. The cost of installing and maintaining solar panels is far less than the cost of your electric bills. The price of solar energy has dropped significantly since it first became available to residential areas, so owning your own solar panels has become a legitimate option for some homeowners.
Switching to solar energy makes you eligible to receive both federal and – depending on where you live – state incentives. These incentives mean that the government actually pays you to use solar energy. This adds to the savings you were already enjoying by lowering your energy bills.
Solar energy is a clean, renewable resource. This means that it does not negatively impact the environment in any way. In fact, it actually helps the environment by lessening the amount of harmful pollutants that are created by the use of tradition energy sources. By switching to solar energy, you are providing a better world for future generations.
When you install solar panels on your home, you enjoy many rewards. US Solar Works is dedicated to providing solar energy solutions to homeowners all over southern New England. Visit USSolarWorks.com today to learn about your solar options.