San Francisco Bay Area Solar Incentives
Financial Help For Going Solar
Thanks to recent legislation, the federal governments offer big incentives for homeowners and businesses that invest in solar power. The vast majority of our residential solar installations are cash purchases by our San Francisco Bay Area residential solar customers. You get the best return on investment by purchasing and owning your systems, including the 26% federal tax credit. It is important to note that at the end of 2020, this tax credit will decrease to 22% starting 1/1/2021, so it is important to move quickly so you can save as much as you can.
Finally, if Renewable Energy Credits (RECs) become active in California, the owner of the system gets the RECs. These can be thousands to tens of thousands of dollars per year for the life of the system. For all these reasons, ownership provides by far the best financial return on a PV system.
Commercial Solar Incentives
In addition to the tax credit options mentioned above, if it is a commercial solar system, you also get to use accelerated depreciation over just six years on the PV system, with 100% bonus depreciation in year one. This expires at the end of 2022. These two government incentives alone can pay for 50% to 60% of the total cost of the system. For commercial customers who prefer to not own their PV system, or for nonprofits that cannot use the tax benefits, Cobalt Power Systems Inc. offers zero cost Power Purchase Agreements (PPAs).
In addition, your new solar energy system may be eligible for any of the following:
Your solar system can qualify for a 22% federal income tax credit
Commercial solar systems can qualify for federal and state depreciation
If you live in the city of Santa Clara, Silicon Valley Power offers substantial rebates as well
Are you ready to go green and start saving today? Learn more when you call our expert San Francisco Bay Area solar panel installers or contact us online.