The IRS allow you to claim a tax credit of 30% of the total installed cost of your solar system whether you bought it as an individual or corporation. Since it's a tax credit and not simply a tax deduction, this amount comes right off your bottom line tax bill. For example, a $10,000 solar system would generate a $3,000 tax credit. If your tax bill at the end of the year was $4,000 you would subtract the value of your solar tax credit and only have to pay the IRS $1,000. Pretty cool!
The State of Utah also allows you to claim tax credits for the purchase of a solar system. For residential systems you can claim a credit of 25% of the equipment costs up to a maximum state tax credit of $1,600. This is in addition to the federal tax credits. It just keeps getting better!
There are other tax incentives that apply specifically to commercial and builder-installed solar systems; systems installed by Solar Installers in Salt Lake City like Dwelltek. Accelerated depreciation schedules are also available which get your renewable system paid for even sooner. Call 866-232-8314 to learn more.
While the incentive programs aren't complicated, there is a fair amount of detail to be managed. But don't worry, we'll get all the forms prepared for you so you'll be ready come tax time.