Solar Taxes Credit
- If You Are Not Looking at Solar Investment as a Tax Planning Opportunity, You May Me Missing Out!
- Federal Investment Tax Credit.
- Potential State Incentive
- Predictable Electricity Costs
- Avoid Rate Hikes
- Long-term Saving Are Substantial
- Clean Environment-Friendly Impact
- Increase In Property Value
Determine If You Qualify for Solar Utility and Tax Credit Savings
Recent Solar Case Study…
| Details | Payment Full | Financing Plan (8 Yrs) | Financing Plan (15 Yrs) |
| Total Payment | $ 589,138 | $ 824,793 | $ 942,621 |
| Total Savings – Project Life | $ 2,984,755 | $ 2,984,755 | $ 2,984,755 |
| Project Life (Yrs) | 25 | $ 25 | 25 |
| Return on Investment (ROI) % – Project Life | 507% | 362% | 317% |
| Return on Investment (ROI) % – Annual Average | 20% | 14% | 13% |
| Recovery Period | 4.90 | 7.92 | 9.38 |
Owner recovers the total cost of the project (post tax) in the 4.9 Years with a Rate of Return of 20%, without financing
Owner recovers the total cost of the project (post tax, post financing costs) in the 7.92 Years with a Rate of Return of 14%, if they finance the project over 8 years
Owner recovers the total cost of the project (post tax, post financing costs) in the 9.38 Years with a Rate of Return of 13%, if they finance the project over 15 years
This project recovers 59.94.% of the total cost of this project in the first year on a purchase. The balance fully recovered before the end of the fifth year from annual utility and tax savings. Total Utility Savings over the Life of the System is projected to be $2,626,495.
| Solar Panel – Project Savings | ||||||||||||
| Tax | Payment Plan | Utility Bills | Federal Tax Incentives | State Tax Incentives | Other | Sum | Period | |||||
| Year | Payment Full | Payment Financing Plan (8 Yrs) | Payment Financing Plan (15 Yrs) | Savings | Solar Energy Investment Tax Credit | Tax Savings Depreciation Deduction (Federal abnd State) | Solar Energy Investment Tax Credit | Tax Savings Depreciation Deduction | Savings | Total Savings | Cumulative Savings | Cost Recovery Period (Yrs) |
| 1 | $ 589,138 | $ 103,099 | $ 62,841 | $ 58,936 | $ 225,824 | $ 68,100 | $ 295 | $ – | $ 353,155 | $ 353,155 | ||
| 2 | $ 103,099 | $ 62,841 | $ 61,588 | $ 25,145 | $ 471 | $ – | $ 87,204 | $ 440,359 | ||||
| 3 | $ 103,099 | $ 62,841 | $ 64,360 | $ 15,087 | $ 283 | $ – | $ 79,729 | $ 520,089 | ||||
| 4 | $ 103,099 | $ 62,841 | $ 67,256 | $ 9,052 | $ 170 | $ – | $ 76,478 | $ 596,566 | 4.90 | |||
| 5 | $ 103,099 | $ 62,841 | $ 70,282 | $ 9,052 | $ 170 | $ – | $ 79,504 | $ 676,070 | ||||
| 6 | $ 103,099 | $ 62,841 | $ 73,445 | $ 4,526 | $ 85 | $ – | $ 78,056 | $ 754,126 | ||||
| 7 | $ 103,099 | $ 62,841 | $ 76,750 | $ – | $ 76,750 | $ 830,876 | 7.92 | |||||
| 8 | $ 103,099 | $ 62,841 | $ 80,204 | $ – | $ 80,204 | $ 911,080 | ||||||
| 9 | $ 62,841 | $ 83,813 | $ – | $ 83,813 | $ 994,893 | 9.38 | ||||||
| 10 | $ 62,841 | $ 87,585 | $ – | $ 87,585 | $ 1,082,477 | |||||||
| 11 | $ 62,841 | $ 91,526 | $ – | $ 91,526 | $ 1,174,003 | |||||||
| 12 | $ 62,841 | $ 95,644 | $ – | $ 95,644 | $ 1,269,648 | |||||||
| 13 | $ 62,841 | $ 99,948 | $ – | $ 99,948 | $ 1,369,596 | |||||||
| 14 | $ 62,841 | $ 104,446 | $ – | $ 104,446 | $ 1,474,042 | |||||||
| 15 | $ 62,841 | $ 109,146 | $ – | $ 109,146 | $ 1,583,189 | |||||||
| 16 | $ 114,058 | $ – | $ 114,058 | $ 1,697,246 | ||||||||
| 17 | $ 119,190 | $ – | $ 119,190 | $ 1,816,437 | ||||||||
| 18 | $ 124,554 | $ – | $ 124,554 | $ 1,940,991 | ||||||||
| 19 | $ 130,159 | $ – | $ 130,159 | $ 2,071,150 | ||||||||
| 20 | $ 136,016 | $ – | $ 136,016 | $ 2,207,166 | ||||||||
| 21 | $ 142,137 | $ – | $ 142,137 | $ 2,349,303 | ||||||||
| 22 | $ 148,533 | $ – | $ 148,533 | $ 2,497,835 | ||||||||
| 23 | $ 155,217 | $ – | $ 155,217 | $ 2,653,052 | ||||||||
| 24 | $ 162,202 | $ – | $ 162,202 | $ 2,815,254 | ||||||||
| 25 | $ 169,501 | $ – | $ 169,501 | $ 2,984,755 | ||||||||
| Total | $ 589,138 | $ 824,793 | $ 942,621 | $ 2,626,495 | $ 225,824 | $ 130,962 | $ – | $ 1,473 | $ – | $ 2,984,755 | ||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar in Your State
We install in the 35 US states and territories below, allowing for a potentially significant
reduction in energy costs and substantial tax savings. More states and territories are coming
soon!
Ready to Install in These States
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Maine
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Puerto Rico
Rhode Island
South Carolina
Texas
Utah
Vermont
Virginia
Washington
Wisconsin
Coming Soon
West Virginia
Room to Grow
Alabama Louisiana
Alaska Mississippi
Hawaii New York
Indiana Nebraska
Iowa North Dakota
Kansas South Dakota
Kentucky Tennessee
FAQs
What is the Cost
The cost varies from home to home and business to business. Oncore Solar is pleased to provide a Free Customized Evaluation and price quote with no obligation. You’ll be pleasantly surprised how affordable it really is. Every household or business is different in terms of size and electricity use. This is why we do not provide a “ballpark” estimate.
How much can I save?
Again, monthly savings vary. However, many of our residential customers have reported up to 50% savings on their monthly electric bills. Our commercial clients report savings of as much as 80% on their utility bills.
What is and isn't included in the cost for the Investment Tax Credit?
What is included: Solar panels, any additional solar equipment, like inverters, wiring, and mounting hardware, labor costs for installation, including permitting fees, inspection costs, and developer fees, energy storage systems aka batteries rated 3 kilowatt-hours (kWh) or more, and sales taxes on eligible expenses.
What is not included: Roof repairs or replacements and tree trimming or removal.
Can I take advantage of other state incentives besides the Federal Investment Tax Credit?
Yes, many worthwhile state-sponsored rebates and incentives depend on where you live. For example, if you go solar in Florida, you can benefit from its state-specific tax exemptions such as not having to pay any sales tax on your solar purchase and not having your property taxes increase despite the added value to your home.
Here are some of the financial incentives you can benefit from in addition to the federal solar residential tax credit:
- Rebates from your utility company: Net metering is one of the most common types of credits you can receive from your utility company.
- Net metering: Net metering is a billing mechanism that allows you to receive credits on your utility bill for any excess electricity your solar energy system generates and sends back to your local grid.
- Rebates from the State: If you receive a rebate from your state, there is no impact on whether you can claim the ITC or other solar incentives. However, it may affect your taxable income, so consult a licensed tax professional when claiming local rebates.
- State tax credit: Individual states offer their own solar credits in addition to the ITC, but policies vary greatly depending on your location.
- Payments from renewable energy certificates (SRECs): Similar to net metering, SCRECs allow you to earn money for the electricity your solar panels generate.
What are my purchase Options?
You can purchase a solar system, or you can lease a solar system from one of Oncore’s lease partners for as little as 0% Down. Whichever option you choose, you’ll be pleasantly surprised by how affordable “going solar” can be.
How long does it take to install?
Usually, a residential installation takes about 45 to 60 days from start to finish. Depending on the jurisdiction, this could be up to 90 days in the worst-case scenario. We advise you to check with our solar consultant about the current wait time for your jurisdiction.
How does battery storage work?
Solar panels collect energy from the sun and turn it into electricity, which is passed through an inverter and converted into a form you can use to power your home. Simply put, a charged battery stores electrical energy in chemical form for later use. Most residential solar energy systems are connected to the utility grid. A solar battery backup will store this energy and power your home during blackouts caused by severe weather or power outages. The current state-of-the-art is a Lithium-Ion Battery. It is the most popular battery for homeowners due to its superior performance and reliability.
Will there be any damage to my roof?
No. Nor will there be any leaks. Our expert installation engineers take the greatest care to avoid any structural damage to your roof. Our record is second to none.
What kind of equipment does Oncore Solar Use?
Oncore Solar uses state-of-the-art equipment from outstanding manufacturers such as Enphase, Fronius, SMA, Tesla, and Hyundai. We constantly review our sources to ensure we offer the newest, most efficient products and equipment.
How does your solar lease work?
If you wish, you can go solar for $0 down. With this plan, you won’t pay for equipment or installation. Instead, you’ll pay one low monthly fee to lease the solar equipment and enjoy the savings on electricity that they provide. We partner with renowned solar leasing companies such as Sunnova to provide you with the latest solar equipment at very customer-friendly rates.
When you lease solar, you can be locked into low electricity rates for the entire lease term, even when utility rates increase! In addition, your lease includes free monitoring and all repairs.to ensure that your system is always running smoothly.
How does your 0% Down Financing offer work?
Simple. Once you decide to lease a system, no cash deposit or down payment is required. When your service begins, you will be billed the agreed-upon monthly lease amount.
What is your referral fee?
Oncore Solar offers a $250.00 referral fee. Refer a friend or relative to Oncore and help them save on their energy costs while you earn a little money for yourself. The referral fee is paid once your friend or family member’s solar system has been commissioned.
What if I need my system serviced?
Oncore Solar offers a $250.00 referral fee. Refer a friend or relative to Oncore and help them save on their energy costs while you earn a little money for yourself. The referral fee is paid once your friend or family member’s solar system has been commissioned.
Solar tax and utility savings are just two of our tax planning tools.
Here's how our Solar Installation process works.
Information Gathering, Including a copy of a utility bill(s) (electric)
You must provide your last electricity bill to have a more accurate estimate. If you don’t have an electricity bill yet, our Solar Professional can help you.
The Proposal
Based on the numbers on your electricity bill, we will calculate the amount of electricity and the number of panels your home will need to cover your electricity needs.
Select A Plan
We will present you with a proposal with different options, payment methods, financing, and everything necessary to decide on your new solar panels.
Sign The Contract
After analyzing your options, you must sign the contract to begin the process. If you have questions about the requirements to purchase or lease, we will help you with this.
Get Started
After signing your contract, we move on to stage 2. At this stage, a representative will contact you to continue with the following steps: Design, Permits, and Installation.
Completion
We will ensure that your panels are installed in a 100% professional manner and with the approval of the city. You will be delighted with your new solar panels.
WE REVIEW APPROXIMATELY 1,500 TAX PLANNING OPPORTUNITIES
Below are Just a Few of the Broader Tax Planning Opportunities That We Review
Cost Segregation
Our Cost Segregation Specialists would identify and reclassify assets. Our results are unmatched; we typically reclassify up to 40% of our client’s assets, providing significant tax savings.
Overlooked or Underutilized Deductions
Our income tax professionals review past returns, looking for missed opportunities. We have a vast database of the typical deductions broken down by industry to determine if the client is utilizing ALL available deductions.
Entity Structuring Review
Entity structuring analysis is the process of evaluating how an organization or business is structured. The structure a business chooses at the beginning of its existence will determine its legal obligations, tax burdens, financial operations, strategic planning, and operational processes.
Review Accounting Methods
Federal Tax Accounting methods determine the timing of revenue, expenses, and treatment of inventory and fixed assets for tax purposes. Our income tax professionals conduct reviews of current accounting methods that can aid in planning to meet a taxpayer’s needs, whether to accelerate expenses to reduce taxable income and potentially create a net operating loss (NOL) or allow deferral of expenses in some cases where a taxpayer may wish to increase taxable income for credit utilization.
Fixed Asset vs. Repairs Review
Proper management and classification of fixed assets are critical to an organization’s tax management and compliance objectives. Improper capitalization of fixed assets can substantially negatively impact an organization’s balance sheet, resulting in missed tax savings and added compliance risks.
Our Fixed Asset Review Service provides a comprehensive analysis of fixed assets to determine current asset classifications, ascertain depreciation reported in prior tax returns, and identify potential asset reclassification to ensure every appropriate tax deduction available is claimed.
Tax Credits and Incentives Review
Our tax credit specialists will look for credits and incentives such as the Federal and State Research and Development Tax Credit (R&D), Work Opportunity Tax Credit (WOTC), Section 45L, Section 179D, Energy Investment Tax Credit, Disaster Zone Employment Retention Tax Credit, Federal and State Employment Zones Tax Credit,
Differential Wages Tax Credit, FICA Tip Tax
Credit, Small Employer Retirement Plans Startup Costs Tax Credit, and Small Employer Health Insurance Premiums Tax Credit. As opposed to deductions, tax credits are actual dollar-for-dollar federal and State credits available to businesses of any size. Many companies are unaware of the broad scope of activities that qualify for these credits. Evolving statutes, IRS regulations, and court cases continue to credit credit and incentive programs for an ever-widening range of qualified businesses.
Allow Us to Determine If You Have Substantial Savings Potential With Solar Tax Credit and Utility Savings
AND GET YOUR MONEY BACK AND STOP OVERPAYING
What Our Clients Say?
Michael Brown
“We have been using their payroll services for years. They are reliable and efficient.”
Jane Locus
“Their tax preparation services saved us a lot of money. Highly professional and awesome people.”
Martin Frenandez
“The bookkeeping services provided by this company have been exceptional. Highly recommend!”