The Biden administration has put a focus on renewable energy resources. While this spells potential profitability for large-scale corporations and energy companies, businesses and residences have also found benefits by going green. With renewable energy incentives, you can get not only tax rebates and money in your pocket but also a number of other advantages. Here’s what you need to know about renewable energy incentives throughout the country.
Investment Tax Credit
Perhaps the most cited incentive of renewable energy in the U.S. is the Investment Tax Credit or ITC. Also known as the solar tax credit, this incentive allows both residential and commercial buildings to deduct 26% of the installation cost of solar panels. According to the EPA, this saves the average person or business a total of $9,000.
However, you’ll have to act fast to get the most out of the credit. While the 26% deduction remains in place through 2022, it lowers to 22% in 2023 and down to just 10% in 2024.
A lot of these incentives are confusing to businesses, our team at 3 Phases Renewables works with businesses to ensure they get the most for their shift to green energy solutions.
Lower Energy Costs
Renewable energy incentives aren’t immediately recognized on your tax bill. Instead, the incentive lies in lower energy costs for your business each and every year. Rather than paying the utility company for oil- or coal-based power, all of your energy comes through your wind, geothermal, or solar installations.
With these savings, you have more money to spend on marketing, advertising, or expansion. That’s enough incentive for almost any business owner.
Boost to Public Relations
Social responsibility may seem like an afterthought in comparison to profitability and streamlined operations, but customers and the community will notice. As a result, an improved reputation for your business is an incentive to make the switch to renewable energy. Customers that would ordinarily go to another business may frequent yours instead just because of your commitment to cleaner energy and a better environment.
Becoming an Industry Leader
Every business aims to gain a competitive advantage. While this often results in innovation and creativity to make new products and services, your business can become an industry leader by the adoption of green energy. Instead of being just another business in a sea of competitors, you make a name for yourself through your choice of renewable energy. The incentive is clear: become an early adopter, and you’ll become more of a trusted name in a highly competitive market.
Our renewable energy consultants have helped hundreds of businesses, whether it’s one location or a national brand, we can assist you from A to Z in realizing all the benefits that come from renewable energy.
Stimulating Job Growth
Any reputable business understands that success for a business lies in the success of the community. That’s why there’s no better incentive for installing renewable energy sources than stimulating job growth in your area. When you decide to install solar panels or a wind turbine, you work with local companies that put people to work. The win-win scenario ends up being a benefit for both the local economy, workers, and your business.
Renewable Energy Is a Boost to Your Business Reputation
Green energy presents a number of advantages to both homeowners and businesses. But as a business, the incentives provided by the government can increase your bottom line by lowering future energy costs and your tax liability. Moreover, the benefits of going green is realized through an improved reputation. As a socially responsible and green-conscious business, your customer base will notice. And that’s an incentive in and of itself.
Give us a call to schedule a discussion relating to your business and renewable energy. We have a wide range of services and options to provide you, rest assured it will be options that are beneficial to your business and the environment.