Bonus Tax Credit Reaches San Diego County in Solar Boost
The 10% Energy Communities Bonus Tax Credit is now available to businesses and nonprofit organizations in San Diego County
In a major coup for businesses and nonprofit organizations in San Diego County, the 10% Energy Communities Bonus Tax Credit has now been made available to those looking to save money on rising energy bills by investing in commercial solar systems.
This tax credit is aimed at incentivizing the adoption of renewable energy systems and energy-efficient technologies to reduce greenhouse gas emissions and promote sustainability in the region.
30% + 10%: How does the additional tax credit work?
Under the Energy Communities Bonus Tax Credit program, businesses and nonprofits in San Diego County that invest in eligible energy projects can receive a tax credit equal to 10% of the project cost. This is in addition to the existing Solar Investment Tax Credit of 30%, applicable to all who invest in solar.
Eligible projects include the installation of solar panels, energy storage systems, energy-efficient HVAC systems, LED lighting upgrades, and other qualifying energy-saving improvements.
The tax credits available to solar consumers typically mean the payback period on the investment can be as as little as two years.
Direct cash payments for Nonprofits
Nonprofit organizations, including religious institutions and houses of worship, which are typically exempt from paying taxes, can also include this additional 10% tax credit in their applications for the Direct Pay program, following the installation of a solar system. This means that nonprofits can apply for a direct cash payment worth 40% of the overall solar project cost!
How to apply
When your project is complete, we will supply you with the relevant documentation required to file, and will direct you to the IRS instructions to take those next steps. Your CPA or tax advisor should also be included in the conversation.
For more information on this tax credit and the steps to solar, please visit us at https://www.sunisticsgroup.com/san-diego-county-10-bonus-itc.