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Solar Tax Credits and Incentives

NYSERDA-PON 1050 CASH INCENTIVES

Incentive Overview and Payment Guidelines ____________________________________________________________________ 

Effective January 11, 2010, the following incentive structure will be in effect:

Residential

$1.75 per watt up to a maximum of 5 kW per site/meter, and not to exceed 50% of the total installed system costs.

Commercial Not-For-Profit

$1.75 per watt up to a maximum of 25 kW per site/meter, and not to exceed 50% of the total installed system costs.

Commercial – $1.75 per watt up to a maximum of 50 kW per site/meter, and not to exceed 50% of the total installed system costs.

New York State ENERGY STAR® Labeled Homes and Building Integrated PV systems are still eligible for a $.50 per watt added to these above incentives, not to exceed 50% of the total installed system costs.

Eligible Installer Companies are limited to submitting applications for incentives that total no more than 225 kW in total capacity in any given month. Applications received after this limit is reached will not be accepted.

A monthly budget will be established and applications will not be accepted once this budget is met.

• PV projects are no longer eligible for the NY Energy $mart Loan Fund

• Section 3 has been revised to include eligibility guidelines for Journeylevel electricians.

• A new eligible installer application for Journeylevel electricians is added as Section 4A.

 

- $1.75 per watt up to a maximum of 25 kW per site/meter, and not to exceed 50% of the total installed system costs. – $1.75 per watt up to a maximum of 50 kW per site/meter, and not to exceed 50% of the total installed system costs. – $1.75 per watt up to a maximum of 5 kW per site/meter, and not to exceed 50% of the total installed system costs.
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RESIDENTIAL FEDERAL TAX CREDIT

FEDERAL SOLAR TAX CREDIT - 5695 FORM

Residential

Solar water heating property must be certified by SRCC or by comparable entity endorsed by the state. At least half the energy used to heat the dwelling's water must be from solar in order for the solar water heating property expenditures to be eligible. Excess credit may be carried forward to succeeding tax year. $2,000 for solar electric and solar water heating; $500 per 0.5 kW for fuel cells. Note: IRS Form 5695 & Instructions: Residential Energy Credits for Tax Year 2007 are now available. Also note that the federal tax credits for home energy-efficiency improvements under 26 USC § 25C expired on 12/31/07, but the solar and fuel cell tax credits are available through 12/31/08.

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RESIDENTIAL TAX CREDIT NEW YORK STATE


NEW YORK STATE TAX CREDIT  IT-255 (PDF)

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Commercial and small buisness 

#1- Renewable electricity production tax credit Federal  The credit is equal to 30% of expenditures, with no maximum credit limit stated. Eligible solar energy property includes equipment that uses solar energy to generate electricity, to heat or cool (or provide hot water for use in) a structure, or to provide solar process heat. (Passive solar systems and solar pool-heating systems are not eligible.) Hybrid solar lighting systems are those that use solar energy to illuminate the inside of a structure using fiber-optic distributed sunlight.  
 
#2- The grant is equal to 30% of the basis of the property for solar energy. Eligible solar-energy property includes equipment that uses solar energy to generate electricity, to heat or cool (or provide hot water for use in) a structure, or to provide solar process heat. Passive solar systems and solar pool-heating systems are not eligible. Hybrid solar-lighting systems, which use solar energy to illuminate the inside of a structure using fiber-optic distributed sunlight, are eligible.  
 
Note: The American Recovery and Reinvestment Act of 2009 (H.R. 1) allows taxpayers eligible for the federal business energy investment tax credit (ITC) to take this credit or to receive a grant from the U.S. Department of Treasury instead of taking the ITC for new installations. The new law also allows taxpayers eligible for the renewable electricity production tax credit (PTC) to receive a grant from the U.S. Department of Treasury instead of taking the PTC for new installations. (It does not allow taxpayers eligible for the residential renewable energy tax credit to receive a grant instead of taking this credit.) Taxpayers may not use more than one of these incentives. If an entity receives a grant and has previously received the ITC or the PTC, the credit will be recaptured through an increase in taxes during the year in which the grant is awarded by the amount of the credit taken in previous years. Receiving a credit in the past does not reduce the amount of the grant. The grant is not included in the gross income of the taxpayer. 
Grants are available to eligible property* placed in service in 2009 or 2010, or placed in service by the specified credit termination date,** if construction began in 2009 or 2010:

Renewable Energy Grants st, 2010 qualifies for the grant program as long as construction begins prior to December 31st, 2010 and is placed in service by January 1, 2017. Applications must be filed by October 1, 2011. (Div. B, Sec. 1603, p. 153) Key details such as what constitutes an application and "begins construction" will be defined in the near future by the Treasury Department. ‐Bacon wage requirements (prevailing federal wage) apply to any project receiving a loan guarantee. (Div. A, p. 63 & p. 77) ‐off for capital expenditures incurred in 2008 to $250,000 and increased the phase‐out threshold for 2008 to $800,000. The bill would extend these temporary increases for capital expenditures incurred in 2009. Accordingly, until the end of 2010, small business taxpayers are allowed to write‐off up to $125,000 (indexed for inflation) of capital expenditures subject to a phase‐out once capital expenditures exceed $500,000 (indexed for inflation). (Div. B, Sec 1202, p. 74) ‐performance green buildings. (Div. A, Title V, General Services Administration, p. 88) ‐recurring maintenance on Veterans Affairs facilities, including energy projects. (Div. A, p. 213)

•Appropriates $16.8 billion to DOE’s Office of Energy Efficiency and Renewable Energy, including $2.5 billion for applied research, development, demonstration, and deployment projects. (Div. A, p. 59 and Joint Statement A, p. 24) The total amount includes specific appropriations for the following:

  • Creates a new program through the Department of Treasury that provides grants equal to 30 percent of the cost of solar property placed in service during 2009 and 2010, in lieu of the section 48 investment tax credit. (Div. B, Sec. 1104, p. 38) Property that is not placed in service prior to December 31
  • Allows businesses and individuals to qualify for the full amount of the solar tax credit, even if projects receive subsidized energy financing (e.g. below market loans, tax preferred bonds, state grants etc.). This amendment shall apply to periods after Dec. 31, 2008. (Div. B, Sec. 1103, p.36)
  • Establishes a temporary DOE loan guarantee program for renewable energy projects, renewable energy manufacturing facilities and electric power transmission projects. Appropriates $6 billion to pay the credit subsidy costs, which should support $60 billion worth of loan guarantees. Eligible renewable projects are those that generate electricity or thermal energy and facilities that manufacture related components. Projects must commence construction by September 30, 2011. Davis
  • Provides up to $2.3 billion to fund 30 percent investment tax credit for manufacturing assets used to manufacture of advanced energy property. Projects must be certified by the Treasury, in consultation with the Secretary of Energy, through a competitive application process. Effective upon enactment. (Div., B, Sec. 48 C, p. 102)
  • Section 25D provides a personal tax credit for the purchase of qualified solar water heating property that is used for a purpose other than heating swimming pools and hot tubs. The 30 percent ITC has a monetary cap of $2,000. This provision removes the $2,000 cap, providing a full 30 percent credit for qualified solar water heating property. The credit may be claimed against the alternative minimum tax. (Div. B, Sec. 1122(a), p. 46)
  • Last year, Congress temporarily increased the amount (50% of the cost of capital investment) that small businesses could write
  • Appropriates $5.5. billion to be deposited into the Federal Buildings Fund for expenditures to construct, repair and make alterations on federal buildings to increase energy efficiency, including installing solar energy equipment. $4.5 billion shall be available for measures necessary to convert GSA facilities to high
  • Appropriates $1 billion for non
  • GSA estimates that 75% of the anticipated projects will include a solar component.
  • Weatherization $5.0 billion
  • Conservation block grants $3.2 billion
  • State Programs $3.1 billion
  • Batteries $2.0 billion

    Department of Interior Funding

    ‐of‐way and related permitting projects. (Div. A, Title IVV Interior, p. 133)

    New Clean Renewable Energy Bonds ("New CREBs")

    5 Year Carryback of Net Operating Losses

  • Appropriates $125 million to BLM for the management of lands and resources and suggests funds be used for renewable energy rights
  • Provides an additional $1.6 billion for new clean renewable energy bonds to finance facilities that generate electricity from renewable energy sources including solar facilities. (Div. B, Sec. 1111, p. 39)
  • For tax years 2008 and 2009, extends the maximum carryback period for net operating losses from two years to five years. Eligible small business may elect to increase the carryback period for an applicable 2008 NOL from two years to any whole number of years elected by the taxpayer that is more than two and less than six. An eligible small business is a taxpayer meeting a $15,000,000 gross receipts test. (see Sec. 448(c)) An applicable NOL is the taxpayer's NOL for any taxable year ending in 2008, or if elected by the taxpayer, the NOL for any taxable year beginning in 2008. However, any election under this provision may be made only with respect to one taxable year. (Div., B. Sec. 1211, p. 74)

    Repeals Penalty for Subsidized Renewable Energy Financing

    Renewable Energy Loan Guarantee Program

    Renewable Energy Manufacturing Investment Credit

    Remove Limits on Solar Water Heating

     

    Extend Bonus Depreciation

     

    Solar on Federal Property

     

    Department of Energy Funding

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