Benefits & Incentives
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Incentives + Financing
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The Database of State Incentives for Renewables & Efficiency® (DSIRE) is a free, comprehensive, user-friendly source of information on state, local, utility, and federal incentives that promote renewable energy and energy efficiency.
A taxpayer may claim a 26% tax credit on expenditures related to solar installations (as well as other types of renewable energy systems). Expenditures include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. The maximum allowable credit is scheduled to step down as shown below, so now is the time to invest in solar!
Colorado exempts from the state’s sales and use tax all sales, storage, and use of components used in the production of alternating current electricity from a renewable energy source. The exemption only applies to state sales and use taxes — not to sales and use taxes assessed by incorporated towns, cities and counties.
Under the federal Modified Accelerated Cost-Recovery System (MACRS), businesses may recover investments in certain property through depreciation deductions. The federal Economic Stimulus Act of 2008, enacted in February 2008, included a 50% first-year bonus depreciation (26 USC § 168(k)) provision for eligible renewable-energy systems acquired and placed in service in 2008. The allowance for bonus depreciation has since been extended and modified several times since the original enactment, most recently in December 2015 by the Consolidated Appropriations Act Of 2015. The depreciation deductions are scheduled to step down as displayed below.
- 40% for equipment placed in service during 2018
- 30% for equipment placed in service during 2019
The RENU Loan program is a statewide residential loan program, sponsored by the Colorado Energy Office (CEO), that makes home energy upgrades easy and affordable by offering low-cost, long-term financing for energy efficiency and renewable energy improvements.
- Loans from $500 to $35,000
- Up to 100% of the project cost
- Competitive, fixed interest rates starting at 2.75%
- No-money down financing for up to 15 years
- No prepayment penalties
Colorado has created a statewide PACE program that allows property owners to finance 100% of the up-front costs of an energy efficiency, renewable energy, or water conservation improvement. Property owners repay the financing as a special assessment on their property tax bill over the financing term, up to 20 years. Typically, the annual energy savings exceed annual assessments, making PACE projects cash flow positive from the first year. C-PACE funding is available to commercial, industrial, agricultural, non-profit and multifamily properties. New construction may use PACE financing for up to 20% of the total construction costs when designing and building energy efficiency measures beyond what is required by the existing code.
Dividend is a leading national provider of renewable energy and energy-efficient financing solutions to property owners. They give their customers the opportunity to obtain clean energy financing through a comprehensive suite of financing options. Their flagship product, the EmpowerLoan™, continues to expand its product offerings into the storage and home-energy space. Dividend also offers commercial PACE, which is a public-private financing mechanism for energy efficiency, renewable energy, water conservation and seismic upgrades on privately-owned property.