Finding ways to minimize your taxes as a business can be daunting. You’ve probably covered the basic tax minimization strategies for your construction business with your CPA. However, you may not have realized the opportunity to implement something that is sustainable, good for the environment and your taxes.

The solar Investment Tax Credit (ITC) is a 30% federal tax credit for solar systems on commercial (under section 48) properties that, under current law, remains in effect through December 31, 2019.

Remember that a tax credit is a dollar-for-dollar reduction in the income taxes that you would otherwise have to pay the government. With a credit, you can take the amount directly off your tax bill, rather than as a deduction, in which case, the value would be dependent on your tax bracket.

Here are three reasons why you may want to implement solar into your operations:

According to Solar Energy Industries Association, investing in renewable energy can play a vital role in spurring economic growth, ensuring U.S. global competitiveness, lowering energy bills for construction businesses and reducing pollution.

Learn more about the maximum allowable credits and equipment technology here. Find out how to calculate your solar Investment Tax Credit here.

Our team is passionate about helping our construction clients find ways to help you achieve your goals. If you would like to further discuss the benefits of implementing solar into your construction business, please feel free to contact our construction team.