How to Save - Credits and Rebates
By taking advantage of federal and state tax incentives, as well as rebates offered through several utility providers, the costs of going solar can be reduced by more than 50% in some cases. The following gives a brief overview of some of the tax credits and rebates available to our customers.
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Federal Business Energy Investment Tax Credit (ITC) and
Residential Renewable Energy Tax Credit
The Business Energy Investment Tax Credit (ITC) and the Residential Renewable Energy Tax Credit are federal tax credits that are available to all taxpayers who invest in solar energy systems, among other forms of renewable energy technologies. The credit is equivalent to 30% of the total expenditures and there is no maximum limit. This credit is available for systems placed in service by December 31, 2019. NOTE: After 2019, the Federal ITC drops to 26%.
For Forms and Additional Information About The Residential Credit CLICK HERE
For Forms and Additional Information About The Business Credit CLICK HERE
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Iowa Solar Energy System Income Tax Credit
The state of Iowa allows for an income tax credit on solar energy systems equal to 50% of the Federal ITC for an individual, not to exceed $5,000. Businesses may receive a credit of 50% of the Federal ITC, but cannot exceed $20,000. This credit is available for systems placed in service after January 31, 2016.
For Additional Information About This Credit CLICK HERE
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Iowa Alternative Energy Revolving Loan Program (AERLP)
The Iowa Energy Center has a lending program where 50% of a loan for a solar PV system is provided at 0% interest. The other 50% must be obtained from a lender of the applicant's choice. This program effectively halves the interest rate when borrowing to invest in solar PV, among other forms of renewable energy. As loans are repaid, the funds are recycled back into the program.
For Additional Information About This Loan Program CLICK HERE
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Please contact Green Light today concerning rebate programs or tax incentives you can take advantage of.
