Tax Filing Time: How to Include Your Solar Tax Credits
Federal and state tax credits provide a major incentive to go solar. Below you will find a summary of each credit and the appropriate forms to use when preparing your tax filing:
Homeowners are eligible for the Federal Income Tax Credit, a 30% tax credit applied to the system cost after rebates.
Click Here to Access the Federal Income Tax Credit Form for Homeowners
Homeowners are also eligible for the New York State Income Tax Credit, a 25% tax credit applied to system cost after rebates, capped at $5,000.
Click Here to Access the New York State Income Tax Credit Form for Homeowners
Businesses are eligible for the Federal Investment Tax Credit, a 30% income tax credit on the gross system cost. Please note that income tax must be paid on the rebate.
Click Here to Access the Federal Investment Tax Credit Form for Commercial Businesses
Systems commissioned or started in 2011 may be eligible for a grant in lieu of tax credits. This program ended as of December 31st, 2011. Please contact EmPower with any questions.
Click Here to Learn More about the 1603 Grant Program
Accelerated Depreciation: Solar energy systems are usually eligible for 5 year MACRS. Projects completed in 2011 may be eligible for 100% bonus deprecation. 2012 projects are eligible for 50%. Please see the instruction form below and contact your tax advisor for further assistance.
Commercial Depreciation Instruction Form
IMPORTANT NOTICE: EmPower is not a tax advisor. Please consult with your tax advisor for official tax advice.