Business owners can take advantage of several onsite renewable generation incentives. The incentives apply to solar and wind systems placed in service from January 1, 2006 until December 31, 2016 and to geothermal heat pump systems placed in service from October 3, 2008 until December 31, 2016. The incentives are worth 30% of the installed cost of the system.
Qualifying solar equipment will use solar energy to (1) generate electricity, or heat/cool or provide hot water to a structure, or (2) illuminate the inside of a building by means of fiber-optic distributed sunlight.
Qualified geothermal systems are ground source heat pumps with related equipment used to produce, distribute, or use energy derived from a geothermal source.
Businesses that install wind turbines with not more than 100 kilowatts of nameplate capacity are eligible for the 30% investment tax credit.
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