Solar and Alternative Energy Tax Credits

Investing in solar or alternative energy technology isn’t just good for the environment, it can also reduce the taxes you owe on your property. Alternative energy tax credits are designed to encourage homeowners and business owners to invest in renewable energy sources to reduce fossil-fuel dependence. Myers Law Group can advise you on the tax credits your alternative energy systems may qualify for, and we will guide you to the best solution for your home or business.

When you choose Myers Law Group, you can expect hands-on attention from our team and regular communication while finding potential tax credits. We work to ensure you’re receiving the maximum tax benefit for your renewable energy project and boost the value of your property.

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Types of Energy Tax Credits

There are many types of alternative energy tax credits available depending on your specific situation. For both homeowners and business owners, we’ve outlined some federal tax credit possibilities below:

Residential

For homeowners who invest in renewable energy sources for their own residence, you could qualify for a federal tax credit of up to 30% of the expenditures. Expenditures include labor costs, installation, and parts and wiring to connect the new system to your house. Some technologies that could qualify include:

  • Energy Storage
  • Fuel Cell Property
  • Geothermal Heat Pumps
  • Small Wind-Energy Property
  • Solar Water-Heating Property
  • Solar-Electric Property

Business

Tax laws encourage businesses to invest in alternative energy sources and make changes to reduce energy usage. There are corporate tax credit programs in the federal tax code that offer up to 30% tax credit for qualified expenditures to install alternative energy systems in your business. Some of these qualified technologies include:

  • Combined Heat and Power (CHP)
  • Fuel Cells
  • Geothermal Systems
  • Microturbines
  • Production Tax credit-Eligible Technologies
  • Small Wind Turbines
  • Solar Technologies