You don’t need to be a tree-hugger to love solar. It can reduce your energy costs and bring great tax benefits, all with very little risk.
Here’s what you need to do to take advantage of this tax strategy:
First, own your building. If you’ve followed us for a while, you know how valuable owning real estate can be for your business. Ownership provides a built-in investment in addition to your business, a source of rental income if your business doesn’t occupy the entire space, and a number of tax advantages — the most recent being the tax credits that come when you invest in solar.
Second, install solar on your building. Two incentives – MACRS and bonus depreciation – give businesses investing in solar huge benefits. How does a tax deduction of 87% sound? Oh, by the way, you can take advantage of both incentives at the same time, leading to huge savings.
Enjoy the rewards now and in the future. At the end of the day, you’ll only end up paying about 50% of the actual cost for the solar panels. Plus, you’ll reduce your energy costs after they’re installed, giving you long-term savings as well.
Want to learn more about how you can make way more money and pay way less in tax? Book a call with the team at TFW Advisors® today!