Commercial Incentives & Financing
Save Money with Federal and State Incentives
Solar Incentives, Tax Credits, and Financing Options for Business Owners
Investing in commercial solar for your business can significantly reduce overall energy costs. Incentives can help save more money! Taking advantage of solar incentives has always been challenging. True South Solar will cut the red tape and help you every step of the way.Â
Commercial solar incentives at a glance:Â
- Oregon’s Community Renewable Energy Grant Program
- The Federal Goverment’s Rural Energy for America Program
- The 30% Federal Investment Tax Credit (made possible by the Inflation Reduction Act of 2022)
- The Energy Trust of OregonÂ
- Federal Modified Accelerated Cost Recovery System
Community Renewable Energy Program
Oregon’s Community Renewable Energy Grant Program provides funding for solar and energy storage projects. Oregon Tribes, public bodies, and consumer-owned utilities are all eligible to apply (Public bodies include counties, municipalities, schools, and special government bodies such as irrigation districts). Grants are awarded on a competitive basis and applications are due in May each year.
Rural Energy for America Program
The United States Department of Agriculture’s REAP (Rural Energy for America) Grant provides funding for farms and small businesses in rural areas for renewable energy and energy efficiency projects. When combined with other incentives, eligible farms and businesses can save up to 70%-90% on the cost of solar!
We have more information about this program available here on our website.
Business owners who install solar and energy storage are eligible for a 30% tax credit on their storage and solar electric system through 2033. The tax credit is a dollar-for-dollar reduction in the federal taxes you would otherwise owe. Nonprofit organizations can take advantage of the direct pay feature.
Energy Trust of Oregon (Pacific Power)
Pacific Power customers can access various business-focused solar and storage incentives through the Energy Trust of Oregon. Incentive amounts are constantly changing based on the demands in the market and the availability of funds. Our team will determine which incentives you may be eligible for and apply for you. These incentives include:
- Solar Development Assistance (max $2,500)
- Battery Storage Development Assistance (max $5,000)
- Solar electric incentive (max $15,000)
- Battery storage incentive (max $15,000)
The Energy Trust of Oregon also offers additional incentives for affordable housing, qualifying nonprofits, and tribes.
Federal Modified Accelerated Cost Recovery System
Businesses can take advantage of the Modified Accelerated Cost Recovery System in addition to other federal tax credits, like the ITC discussed above.
Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.
Most types of tangible property (except, land), such as buildings, machinery, vehicles, furniture, solar, and energy storage equipment are depreciable, according to the IRS.
Financing
True South Solar can help you secure these important incentives and then set you up with a $0 down loan with a low monthly payment. Just give us a call and we’d be happy to walk you through the process! Our clients love being able to pay themselves instead of the utility company! Financing is a great option if you want to own your solar system but don’t have the immediate funds for a cash purchase.
When you meet with one of our Commercial Solar Advisors, we will step you through the process of designing the right energy system for your business. Our team works hard to create an option for you that meets your goal of going solar affordably. When you are finished with your payments, the energy you create is yours! No more crazy expensive utility bills!