Agricultural & Small Businesses
USDA Grants & Loans
This program provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems or to make energy efficiency improvements. Agricultural producers may also apply for new energy efficient equipment and new system loans for agricultural production and processing.
- $2,500 minimum – $ 1 Million maximum.
- Loan guarantees on loans up to 75% of total eligible project costs.
- Grants for up to 50% of total eligible project costs.
- Combined grant and loan guarantee funding up to 75% of total eligible project costs.
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MACRS Depreciation Insurance
MACRS depreciation can also be used to recover the cost of solar energy systems, which can be a significant expense for businesses and homeowners who want to invest in renewable energy. The IRS has assigned a specific depreciation class and recovery period for solar energy systems, which allows them to be depreciated over a five-year period under MACRS
For example, if a solar energy system costs $50,000, the first year’s depreciation expense would be $10,000 (20% of $50,000). The remaining book value of $40,000 would then be depreciated using a rate of 32% in the second year, resulting in a depreciation expense of $12,800. The same rate would be applied in the third, fourth, and fifth years.
The Investment Tax Credit (ITC) is a federal tax incentive in the United States that provides a tax credit to businesses and homeowners who install qualifying renewable energy systems, including solar energy systems. The ITC can significantly reduce the upfront costs of installing solar panels and make solar energy more affordable for many taxpayers.
The 30% ITC is a significant incentive for businesses and homeowners looking to invest in solar energy, as it could significantly reduce the upfront costs of installation and improve the financial return on investment. For example, if a business or homeowner installed a solar energy system with qualified costs of $50,000, they would be eligible for a tax credit of $15,000 (30% of $50,000) against their federal income taxes.
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USDA Grant Application Services
Let Personal Power assist you from the beginning phases of Grant & Incentive eligibility queries, through the application process, to the final stages of installing your own personal solar infrastructure to power your business.
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