Please note:

The information in this section of the website provides an overview of incentives and other policies, but it should not be used as the only source of information when making purchasing decisions, investment decisions, tax decisions or other binding agreements. Please refer to the individual contact provided in each record to verify that a specific incentive or other policy is applicable to your specific project.  Please consult your tax adviser for your specific situation.

Parking Structures Used for Solar Power Panels Qualify as a Part of the Solar System Tax Credit!

There are generous tax credits available for installing photovoltaic power. Government support through tax credits has caused unprecedented growth in the solar power industry. In fact, solar power installations in 2007 were double that of 2006.

We’ll summarize those federal tax incentives effective January 2009 but beware that they could likely increase in later in 2009 with the Economic Stimulus Package coming from the present administration. Certainly that legislation, if not increasing the direct tax benefits to the purchaser, will contain financing benefits and financing sources to the solar power industry.

Federal

Enacted into law by President Bush in 2008, the following benefits were put into place:

A 30% investment tax credit on both residential and commercial solar installations was extended to 2016. Excess credit may be carried forward to the succeeding tax year.

It eliminated the $2000 cap on residential solar electric installations, creating a true 30% tax credit effective for property put into service after December 31, 2008.

It eliminated utilities from befitting from the tax credit.

Alternative Minimum Tax filers, both businesses and individuals can take the credit.

It authorized $800 million for clean energy bonds for renewable energy generating facilities including solar.

State

The State by State tax incentives vary but are very generous and range from tax credits to elimination of sales tax on the equipment. For detailed State by State policies check out this interactive chart and click onto the colored ball to the right of your state where you want specific details:

http://www.dsireusa.org/summarytables/financial.cfm?&CurrentPageID=7&EE=0&RE=1