We can help you determine the best combination of federal, state and local solar incentives
Solar Energy Incentives and Opportunities
As the U.S. solar industry continues its growth, GreenBridge Energy is at the forefront of bringing onsite solar energy systems to underserved markets and nonprofits that are not able to take full advantage of the available tax and financial incentives.
Solar Energy - Clean, Renewable EnergySolar energy is the cleanest, most abundant renewable energy source available. Even in cold weather climates, solar has become an extremely viable energy source – Germany is currently the global leader in solar-generated electricity – solar technology has developed to the point where it can compete with traditional fossil fuel sources when favorable federal and state incentives are applied. Some of the best incentives for solar energy development are found in the Northeast and Mid-Atlantic states like Maine, Massachusetts, New Jersey and Pennsylvania.
GreenBridge Energy's solar systems produce energy on a distributed basis, called distributed generation, with equipment located on rooftops or ground-mounted fixtures close to where the energy is used. The majority of our projects involve active solar energy systems that convert the sun's light to electricity (photovoltaic) or thermal heat for heating or domestic hot water production (solar thermal).
Federal Tax Incentives for Renewable Energy Projects
Federal incentives are available on new, qualifying projects located throughout the United States; however, they can only be realized by taxable (non-exempt) companies that have the capacity to utilize the tax benefits. For the nonprofit client that is interested in renewable energy, GreenBridge Energy is able to provide financing through its solar energy funding programs with investors who can take advantage of the federal incentives.
The federal incentives, which were extended beyond 2008 by the Emergency Economic Stabilization Act of 2008, include a 30% Investment Tax Credit (ITC) for solar systems. The legislation further enables the ITC to offset Alternative Minimum Tax income (AMT), which favors broader eligibility and certainty of use of the credit by institutional investors. In addition, the American Recovery and Reinvestment Tax Act of 2009 allows taxpayers to receive cash grants in lieu of the tax credits for qualifying renewable projects placed into service during 2009 or 2010. The legislation further extended the 50% First Year Bonus depreciation through 2009, which together with five-year Modified Accelerated Cost Recovery System (MACRS) provide additional value from these collective federal incentives.
Federal, State and Local Tax Incentives - Finding The Best Opportunities For You
State solar incentives vary from state to state and can depend on the existing Renewable Portfolio Standards (RPS), which can be in the form of Renewable Energy Certificates (RECs), net metering and other legislated incentives. In states like Maine, Massachusetts and Pennsylvania, local benefits may include grants, payments in lieu of taxes, sales tax abatements or other programs structured to encourage local development of renewables.
In each case, GreenBridge Energy works with our clients in a co-developer capacity to identify and determine the combination of federal, state and local solar incentives that best apply to each particular location.
To find out more about how your organization can take advantage of existing renewable and solar energy tax incentives, contact an associate at GreenBridge Energy.