Did you know there is a 30% Solar Federal Investment Tax Credit?
The US Federal Government offers a solar energy tax credit, applicable to your second home, which can be your boat! As long as there is a head, galley, and bunk aboard and it is registered in the United States, your vessel qualifies. This tax credit, extended to December 31, 2019, is a 30% credit on the total system cost of all qualified expenditures including charge controllers, inverters, wiring, parts and labor to purchase and install your solar electric system aboard your yacht. There is no maximum limit for equipment placed in service after 2008. This credit can be retroactive, as long as the solar system was placed into service after January 1, 2006. As always, please consult with your tax advisor or accountant.
This is FREE money to help offset the costs of adding a solar system to your yacht. Not only will you be running your dirty diesel engine less, but you will be spending less time and money on engine maintenance and repairs as well. Turn off your engine and start to enjoy the silence of the sun charging your battery bank!
Federal Investment Tax Credit (ITC) Phase Out Dates and Details: Don't wait to go solar and save money! The Federal ITC will start to decrease after end end of 2019. You can fill for the tax year you "placed your system in service" aboard your boat. Next year will be the last year you are eligible to receive the full 30% ITC. Once you file, the credit is carried forward each year until you utilize it all up.
For systems placed in service:
Jan. 1, 2009 - Dec. 31, 2019 = 30%
Jan. 1, 2020 - Dec. 31, 2020 = 26%
Jan. 1, 2021 - Dec. 31, 2021 = 22%
Jan. 1, 2022 - You missed the boat!
Here is a link to the Department of Energy's website that provides a more simplified description of the Federal ITC:
Its easy to file! Here us a link to the current two page IRS tax form 5695, which was updated on February 9, 2018:
Solar Tax Credits by State:
Various states have their own solar energy tax incentives that may also apply to the purchase of a SunPower® flexible solar panel system for your boat. Depending on what state your boat is registered, you may be eligible for added tax incentives or rebates! We have compiled a current list of states with relevant 2018 solar energy tax incentives and rebates on our website: www.sunpoweredyachts.com/tax-credits