What are the Financial Benefits for Installing Commercial Solar Water Heaters?

Currently, most companies and industries using hot water or industrial heating are switching to commercial solar water heaters. That’s due to lucrative savings and returns on the investment and in certain areas like the USA, govt. grants and tax credits can help to give paybacks within two to three years. 

Canadian companies investing in commercial solar water heating systems are eligible to take advantage of accelerated tax savings. The same goes for businesses in the Caribbean as the energy cost is very expensive; so without even incentives, a solar water heating system provides excellent returns there. 

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Apart from this, many commercial building owners and businesses are dedicated to adapt to the “Go Green” concept to build good will and strengthen their branding. Nowadays consumers are very conscious about going green. Now they are preferring companies that show leadership in environmental impact. In fact, commercial solar water heaters symbolize to a consumer that “We Care” and should be paramount for the overall marketing of a business. 

Now, you should learn about tax credits and incentives and their eligibility conditions for installing solar water heaters in commercial premises. 

What are the Commercial Solar Tax Credits in Canada? 

A 50% Accelerated Capital Cost Allowance for Clean Energy Generation 

  • Under Class 43.2 of Schedule II to the Income Tax Regulations for specified clean energy generation equipment, a 50% accelerated capital cost allowance is provided. 
  • The equipment eligible for this tax credit include solar thermal system, solar air system and solar photovoltaic system.
  • It eliminates the project size restrictions. 
  • Class 43.2 was introduced in the year of 2005 and is currently eligible for assets acquired on or after February 23,, 2005. 

What are the Commercial Solar Tax Credits in the USA?

  • The Federal Business Energy Investment Tax Credit is available in the USA under 26 USC Sec 46.
  • It was extended in October 2008 by the Energy Improvement and Extension Act. 
  • This new law is extended by the duration of eight more years until 2016. 
  • The act allows a 30% tax credit on investing in commercial solar water heating system including cost of installation, design and project management.

What are the State and Municipal Tax Credits for Commercial Solar Water Heaters?

There are so many tax credits provided by the state and municipality. You will find many incentive programs sponsored by the energy companies. If you want to know a detailed list of all tax credits, you should visit DSIRE Solar Policy and get detailed information on available financial programs state by state.

Bottom Line –

Do you want to learn more information about the financial tax incentives and govt. grants for installing commercial solar water heaters? Feel free to contact Latitude51 Solar team at 1 800 317 9054. 

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