Taking Advantage of Solar Tax Breaks

Taking Advantage of Solar Tax Breaks in Maryland and Virginia

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 you qualify for a tax break or incentive and don’t know it. Solar panel or no, there are ways you can save, and these change every year. We want to help you find them. Send us an email and we’ll show you how you can save without deducting from your bottom line.

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Marc Freedman

To help you achieve your company's financial growth goals, Marc serves as our Chief Cost Advisor, providing advice to client management teams. He is highly regarded as an expert in his field, and he frequently collaborates with and contributes to other spend consultants to develop and implement cutting-edge strategies for their respective clients.

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