Arizona Solar Power Tax Credits

1 so it s no surprise that it consistently ranks in the top 10 solar states in the u s.

Arizona solar power tax credits.

University research development tax credit individual or corporate income tax credit for taxpayers that make basic research payments to a university under the jurisdiction of the arizona board of regents. New york offers a state tax credit of up to 5 000. Arizona has a solar tax credit too which will take another 1 000 off for a new total of 18 048. Arizona solar energy tax credit.

The federal solar tax credit also known as the investment tax credit itc allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes. After claiming the 26 federal solar tax credit and arizona s state tax credit the price is only 2 00. Arizona department of revenue 602 255 3381 1600 west monroe street phoenix az 85007. Residential arizona solar tax credit.

The cost of an installed residential solar system in arizona is about 2 79 per watt before incentives. The residential arizona solar tax credit reimburses you 25 percent of the cost of your solar panels up to 1 000 right off of your personal income tax in the. As one of the sunniest states in the country arizona is a paradise when it comes to solar power. A nonrefundable individual tax credit for an individual who installs a solar energy device in taxpayer s residence located in arizona.

That reduces your cost after the first year to only 16 472. There is little variance in cost between phoenix flagstaff and tucson as most of the best solar companies have offices in each city. Arizona s solar energy credit is equal to 25 of the costs of a solar system up to 1 000. Arizona credit for solar hot water heater plumbing stub out and electric vehicle charging station outlet.

This credit can be taken in addition to the credit for increased research activities and is effective for taxable years beginning from. This 75 credit is provided for in arizona revised statutes 43 1090 and 43 1176 and is a nonrefundable individual and corporate income tax credits for the installation of solar hot water heater plumbing stub outs and electric vehicle recharge outlets in houses or dwelling units. After the tax credits we subtract your first year s energy savings which we estimate to be about 1 576. Credit for solar energy devices.

That is a significant amount of savings on your income taxes. 2 while generous sun is the biggest factor arizona s solar incentives and the federal solar tax credit help to contribute to its competitive solar capacity. The top rated arizona solar tax credit and state incentives. Arizona and massachusetts for instance currently give state income tax credits worth up to 1 000 toward solar installations.