Solar energy has become a mainstay in our society. It enables property owners to recover some of the expense of owning a commercial building and can be an efficient use of flat & low slope roofing systems. Still, some commercial property owners are hesitant to jump onto the solar bandwagon because they fear tax penalties if they install solar panels. But don’t let the unfounded belief that solar technologies have tax repercussions stop you. Read on to discover why tax issues shouldn’t deter you from getting a top-tier, efficient solar roof.
Reasons to Get a Solar Roof
Many property owners have gone green with eco-friendly solar installations on their roofs. The question is, why should you? Well, installing this system comes with its fair share of benefits, including:
Conventional solar panels often appear bluish or blackish, depending on how light hits them. The primary source of this color is the melted silicon crystals that manufacturers use to make the panels. The distinctive hue sometimes fails to complement traditional roofing system designs.
More recently, however, solar manufacturers have begun making solar panels with design in mind. Some modern solar products are designed to blend with different roofing styles. Many options are available, from smooth and Tuscan glass to textured and slate glass. If you want to go solar but don’t want the traditional color or panels, consider one of the modern options instead.
Solar panels can add to the weight of your roof, as a facility manager or owner you need to ensure that your current roofing system can withstand the additional weight. At Vanguard, we are here to make your roof solar-ready so that everything on your roof is ready to accept solar installations and will not slow down the installation process. Transitioning to clean, renewable energy will be smooth, seamless, and quick if you opt to do this before the solar array is installed. The process of the solar installation itself is pretty straightforward. With a solar-ready roof, your building ends up with a solar and roofing system that work together efficiently.
Increased property value
A solar power system cuts utility bills, reduces carbon emissions, and has many other benefits. Most people are aware of the perks that come with this solution. That is why many buyers willingly pay more for properties that rely on solar technologies.
So, if you plan to put your building on the market in the future, install a solar roof. It will ensure that your property value increases and will reel in as many prospective buyers as possible.
How Installing a Solar Roof Affects Your Taxes
Most property owners avoid solar panels and shingles like the plague because the little information available out there says these solar components may raise property taxes. But if you live in the Northeastern US, that shouldn’t be a problem.
In Massachusetts, for instance, solar technologies come with various incentives. These include the federal government’s solar investment tax credit (ITC). You can claim the ITC on federal corporate income taxes.
Massachusetts also boasts the Solar Massachusetts Renewable Target (SMART) program. Under SMART, state utility companies like Eversource, National Grid, and Unitil pay a flat rate to commercial buildings with solar systems.
Property owners in the same state can also exploit net metering, which some electric companies support. With solar facilities, you can use net metering to offset your building’s energy use, transfer saved energy to your utility company, and get a credit in exchange.
Such incredible offers are available in many other states besides Massachusetts. For instance, a good solar setup can help you shave 26% of the installation cost off your annual federal tax bill if you own property in New York. The Big Apple also offers the Solar Energy System Equipment Credit, which can save you a few bucks.
Different states have different solar tax incentives, so research extensively or seek more information from the authorities in your region.
Other Incentives That Come with Solar Technologies
Besides tax credits, most state authorities use several other incentives to encourage property owners to install solar technologies, including:
- Solar rebates: a rebate is fundamentally a dollar-to-dollar reduction that affects the cost of installing solar energy technologies.
- Loans: Most solar loans come with low-interest rates and no down payment. For instance, the Mass Solar Loan Program offers financial solutions with interest rates as low as 3.25%.
Let the Experts Help You
Would you like to enjoy the perks of a solar roof, including tax credits? Hire Vanguard today. We are experts in roofing and have served countless property owners since 1972. Our team can handle all your commercial roofing needs, from installing solar-ready roofs to repairs and replacements.
Contact us today for outstanding roofing services in the Northeast United States.