The Federal Government has Federal Solar Incentives for both commercial and residential solar system owners. These incentives are income tax credits, allowing you to deduct a percentage of the total cost of your new solar energy system from your income taxes (personal or corporate).
|Residential Renewable Energy Tax Credit||
Taxpayers may claim a credit of 30% of qualified expenditures for a system that serves a dwelling unit located in the United States and used as a residence by the taxpayer. Expenditures include labor costs for onsite preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. .
|Energy Efficient Mortgages||
Homeowners can take advantage of energy efficient mortgages (EEM) to either finance energy efficiency improvements to existing homes, including renewable energy technologies, or to increase their home buying power with the purchase of a new energy efficient home. The U.S. federal government supports these loans by insuring them through Federal Housing Authority (FHA) or Veterans Affairs (VA) programs. This allows borrowers who might otherwise be denied loans to pursue energy efficiency, and it secures lenders against loan default. .
|Business Energy Investment Tax Credit||
Allows taxpayers eligible for the federal renewable electricity production tax credit (PTC) to take the federal business energy investment tax credit (ITC) or to receive a grant from the U.S. Treasury Department instead of taking the PTC for new installations. The credit is equal to 30% of expenditures, with no maximum credit.
|Dept. of Treasury Renewable Energy Grants||
Grants are available to eligible property placed in service in 2009 or 2010, or placed in service by the specified credit termination date, if construction began in 2009 or 2010. The grant is equal to 30% of the basis of the property for solar energy.