Solar panels are an incredible way to save money on your electric bills — not just for households but for businesses and nonprofit organizations, too. Plus, they reduce planet-heating air pollution.
The upfront costs may seem daunting, but thanks to a recent law, your organization can save big on installation with these tips from EnergySage.
What is this great new law?
The credit for these incredible savings goes to the Biden administration's Inflation Reduction Act, which created new financial incentives for installing solar panels. Many of these incentives are accessible to NPOs.
For example, the IRA made NPOs eligible to receive tax credits for solar installation for the first time ever, as EnergySage explained. Normally, because NPOs don't pay taxes, they would not be eligible.
💡Save 50% on solar for your business
Own a business with high energy bills? New tax incentives will pay for up to half the cost of a solar system — and EnergySage can help you get it installed for the lowest possible price.
Use EnergySage's free tool to find local options, compare prices, and see how much you can save — up to $50k in many cases, before you factor in bill savings.
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However, the IRA allows nonprofits to receive a payout in the full amount of their IRA investment tax credits, which would cover 30% of any solar installation project the organization undertakes.
(NPOs also qualify for this payout if they install wind or battery storage infrastructure, build community solar projects, or install EV charging stations.)
Why are these IRA incentives important?
Taking advantage of these incentives opens up solar as an option for organizations that couldn't afford the investment before. That lets your NPO enjoy the long-term benefits of generating your own power.
For one, you'll save tens of thousands of dollars on electricity for decades to come. Solar panels readily pay for themselves in savings and can eliminate your power bill in the right circumstances.
Even better, they make electrical costs more predictable. If you know you're going to be paying back a loan for solar panels as your only electrical cost, or your organization simply doesn't have to pay electric bills anymore, you're protected from the increasing cost of electricity and from fluctuations in the market. That security can help your organization's planning and finances.
🗣️ If you were to install home solar panels, which of these factors would be your primary motivation?
🔘 Energy independence ⚡
🔘 Lower power bills 💰
🔘 Helping the planet 🌎
🔘 No chance I ever go solar 🚫
🗳️ Click your choice to see results and speak your mind
How EnergySage helps with installing solar panels
Online solar marketplace EnergySage works like Expedia, connecting you with fully vetted solar providers in your area. You can use its free tools to get fast quotes from local installers and easily compare deals to find the best option for your needs.
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