What you need to know about Tax Incentives for Solar & Renewable Energy
The current Federal tax incentive, called the Residential Renewable Energy Tax Credit is available until December of 2016.
This tax credit is worth 30% and is available for all renewable energy systems such as geothermal, solar thermal hot water, and solar electric systems. The Federal Tax Credit is in addition to any incentives your utility may be offering.
It is important to consult with your local Colorado renewable energy installer and your personal tax professional to determine if your energy system qualifies for tax incentives.
What does the incentive apply to?
Sometimes, the items that qualify can be surprising. For example:
If someone installs a solar hot water system, the 30% tax incentive can come from not just the total of the panels itself but also the water heater etc.
Similarly, if you choose to install a geothermal system & install radiant floor heating, the tax incentive can be applied to the whole system including the radiant its tied to. It is important to be clear however, as a a new water heater by itself or a new radiant installation alone would not be eligible for the credit.
Please note: We are not tax professionals. Please be sure to consult your tax professional for further details.
What you need to know about Colorado solar & renewable energy rebates
Solar and renewable energy rebates are ever changing and the amount and type of rebate depends on your utility company. The best way to determine how much and what type of rebate you qualify for is to contact your utility company directly or have a representative from Bestway look into it for you. We will provide you with all rebate paperwork and assist you with the process of claiming all of the incentives you are eligible for. Contact us for availability and information on specific rebates.
Please note: These rebates must be reserved prior to installation.
Solar Rebate Program Partners:
- Colorado Springs Utilities
- Black Hills Energy
- Mountain View Electric
- Xcel Energy