Did you know there is a Business Energy Investment Credit for your business? It is also known as ITC. This is a corporate tax credit. You can get a 30% tax credit for solar, fuel cells, and wind. There is a 10% tax credit for geothermal, microturbines and CHP. This credit has been in place since 2015 and will expire by 2022. You only have a year and a half to get the full tax credit because as of 2019 the credits will step down and eventually expire by 2022.
The federal Business Energy Investment Tax Credit (ITC) is here and waiting for you. Just imagine if your business utilized a clean renewable energy source, you could potentially reduce your taxes by 30%. Yes, the cost may seem a bit steep in the beginning, but it is important to remember that once you utilize a solar or wind system, you will reduce your utilities and save money over time.
How will going Solar or Wind help you?
Over time the utility companies tend to raise rates for their services. Some electric companies have gone up over 3 cents a kilowatt hour within the last few years. So now with this new system you won’t have to worry about utility prices increasing. Power outages will no longer be an issue. You’ll be able to keep your business up and running.
With your business spending less money on utilities, your cash flow will increase. It is important to remember with an increase in the cash flow, it is not necessarily wise to go spending this extra money. This money should be invested into savings for growth, bonuses, or something equally beneficial to your company. You could also put this money aside to help pay off any loans that your business may have. The point is that you should utilize this extra money and let it help you grow your business. Here in Colorado we have had extraordinary growth and our community needs you to be on top of your game. So be a wise business owner and make sound decisions for your business.