The costs of solar are rapidly falling, and solarize campaigns work to lower those costs through buying in bulk and competitive bidding. There are upfront costs though. We want to work with you to show what financing options are available for you.
Tax credits are better than deductions, because instead of subtracting the amount from your income, it’s subtracted from how much you owe. Every dollar of tax credit is a dollar you don’t pay in taxes.
The federal government offers a solar investment tax credit equal to 30% of the installed cost of your system. If necessary, you can take the Federal credit over 2 years. You can qualify for the credit once construction is commenced, so you can write it off on your 2016 taxes!
Tax Deductions for Businesses
Businesses who install solar for their commercial buildings can take depreciation from their panels over a five year period, accelerating their payback period. Businesses can depreciate 85% of the project cost over 5 years. Together with the investment tax credit and protections from rate hikes, it becomes an increasingly appealing investment.
Michigan Saves! is a nonprofit that works to help lower people’s utility bills by providing low-interest loans for those who qualify. Signing up for Michigan Saves is easy - you can work directly with your contractor to see if you qualify and to understand whether a Michigan Saves loan is right for you.
Net metering allows you to save on your electric bills by installing solar on your home or business. When the sun is shining, you get a credit for any energy you don’t use - energy that gets sent back onto the grid to help power your neighbors. At night or when the sun isn't shining, you use your credits to offset the power you get from your utility. In the end, you only pay for any excess electricity you get from your utility beyond what your solar system produces. People have seen amazing savings from this.
Refinancing and Home Equity Loans
Some people pay for the up-front cost of solar by refinance their home or taking out a home equity loan, which could allow you to start saving money on day one.