Taking Advantage of Solar Tax Breaks

Taking Advantage of Solar Tax Breaks in Maryland and Virginia

Published by Marc Freedman on June 3, 2019

If you are based in Virginia or Maryland, own your business property, and are committed to green energy, you’re in luck. This year, the Federal ITC is offering 30% off of the cost of solar panel equipment installation, with additional cash benefits. These new solar tax rebates and incentives give you the opportunity to sell the extra energy that your solar panels produce after they are installed. The energy eventually pays for itself, which is how we helped one of our clients completely cut their high energy bill at a Virginia Country Club.

According to EnergySage.com, you can become an energy provider by participating in TVA’s Green Power Providers Program or signing up for Net Metering. Both offer significant payback in the form of cash or energy credit that could, over time, negate your energy payments altogether. At the very least, they can lower your payments- especially in the winter. The use of solar panels may also increase your property value when it’s time to move to a new location for expansion.

If you don’t have access to solar energy or don’t own your building, you can still save money with this year’s new tax breaks. As of January 2019 IRS section 179 now allows businesses to deduct the full amount of operational equipment that they use. This applies to everything from telecommunication systems and applications to office furniture and business vehicles.

Odds are that you qualify for a tax break or incentive in some way. Solar panel or no solar panel, there are new ways to save. Since the rules change every year, it’s easy for these savings to slip through the cracks. We’d like to help you find them. If you’re curious about how you can save without deducting from your bottom line, give us a call.