Building Climate Resiliency with the Solar Power Tax Credit
Lumos Solar is committed to facilitating the widespread adoption of solar energy by designing innovative and functional solar products that meet the challenges of climate change and promote sustainability in our communities.
Faced with the recent extreme weather events, building climate resiliency has become as crucial to a sustainable future as adopting clean, renewable energy sources.
From homeowners and businesses who want cost-effective off grid energy to community spaces where people can charge devices, connect to Wi-Fi, or access power during an emergency, the need for reliable power and connectivity has never been greater.
Lumos Solar is dedicated to meeting this need with solar products, constructed with our highest weather rated solar panels, that can be easily integrated into virtually any new or existing structure – solar carports, facades, canopies, or anything you can imagine.
AN UNPRECEDENTED OPPORTUNITY TO INVEST IN SOLAR
The recent passage of the Inflation Reduction Act (IRA) makes achieving sustainability goals more feasible and attainable than ever before. A key part of the new Climate Bill is the expansion of the Federal Tax Credit for Solar Photovoltaics, also known as the Federal Solar Tax Credit which gives community, commercial and residential solar installations a federal tax credit on qualified solar installations.
This unprecedented opportunity combined with the reality of energy resiliency, makes now the time to transform your outdoor space with shelter, charging, and connectivity while generating renewable solar power. Lumos Solar Projects
HOW DOES THE SOLAR TAX CREDIT WORK?
Residential Solar Tax Credits
As part of the Climate Bill, the Solar Investment Tax Credit, now referred to as the Residential Clean Energy Credit, gives homeowners a 30% federal tax credit on the installation of qualified solar panel systems, including solar carports. The credit also contains changes that benefit rooftop solar installations. To learn more see Solar Investment Tax Credit: What Changed? and the Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics for eligibility requirements and how to claim it on your taxes.
Commercial solar tax credits
The solar investment tax credit (ITC) can help make new solar investments more feasible for your company with a tax credit that can be claimed on federal corporate income taxes for 30% of the cost of a solar photovoltaic (PV) system that is placed in service during the tax year. See Federal Solar Tax Credits for Businesses)
There are two tax credits available for businesses that purchase solar energy systems; the investment tax credit (ITC) for the cost of a solar system and the production tax credit (PTC) for electricity generated by solar. To get more information, determine what is eligible and how you can take advantage of the credits for your next solar installation see the Guide to the Federal Investment Tax Credit for Commercial Solar Photovoltaics
STATE SOLAR TAX CREDITS AND INCENTIVES
State Solar Tax Credits, Rebates and Incentives are available for qualifying solar installations in addition to the Federal Government’s Federal Solar Tax Credit. Product eligibility and the credit amount varies state by state, so it is worth checking to see what state credits and rebates your solar installation may qualify for.
Check out Solar Reviews Solar Incentive Calculator by State to find out how much a solar installation would cost in your state after incentives and rebates.
To see what is offered in our home state of Colorado, visit Colorado Energy Rebates
To get more information on the Solar Tax Credit for Commercial, Residential and Community Solar Installations, how it works and what qualifies, visit the resources below.