Helping You Find A Successful Solar Panel Solution
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Quality Solar is Michigan’s Preferred Solar Panel Installer. We specialize in solar panel installation for Commercial and Industrial uses so you can start racking up savings from government benefit programs, protect against rising utility costs, help the environment, and even increase the value of your home.
Under the Modified Accelerated Cost Recovery System (MACRS) of 1986, solar equipment is eligible for a cost recovery period of 5 years. Only 85% of the project’s value depreciates, or half of the ITC.
MACRS is a vital tool for businesses to recoup costs over a property’s operation. It allows companies to subtract over five years of tax liability and boosts the rate of return on a solar investment.
In 2010 bonus depreciation was added to incentivize capital investment further. This perk enables companies to depreciate solar equipment by 50% the first year and then further depreciate under MACRS. This 50% bonus is good until 2018, then drops to 40% in 2019, 30% in 2020, and then ends
Renewable Energy for America Program – REAP grants are part of the Energy Title of the 2014 USDA Farm Bill and It provides grant and loan guarantees to agricultural producers and rural small businesses to help purchase renewable energy systems. It also supports energy efficiency improvements and beneficial studies for renewable energy. For qualifying businesses, a REAP grant can be sought from the United States Department of Agriculture. If approved, 25% of the project cost is settled by the grant.
Investment Tax Credit
Federal tax credit of 30% of total project cost with no cap on the amount a company can claim. The ITC may also be rolled forward into the following tax year if it cannot be used in the current year.