Tax Incentives
Payback (ROI) in as little as 3-5 years, when you take advantage of current tax incentives.
NOTE: SkyWolf Wind Turbine Corporation encourages all clients to seek tax advice from a certified tax accountant. The following is a guide to available New York State and Federal Tax incentives for your system.
State Tax Incentives
- Residential Property Tax Incentive Improvements
Notes: 100% Exemption for 15 years (unless local jurisdiction has opted out) Required Forms: NYS Dept. of Taxation & Finance Application for Tax Exemption of Solar or Wind Energy Systems or Farm Waste Energy Systems (see attached)
For More Information: http://www.tax.ny.gov/research/property/assess/manuals/vol4/pt1/sec4_01/sec487_a.htm
Federal Incentives
- Business Energy Investment Tax Credit (ITC)
Notes: 26% for solar, fuel cells & small wind. The credit is equal to 26% of expenditures, with no maximum credit for small wind turbines placed in service after December 31, 2008. Small wind eligibility requires system be 100 kW or less.
Required Forms:
Form 3468 (PDF)
Instructions for IRS Form 3468 (PDF)
For More Information:
https://www.irs.gov/forms-pubs/about-form-3468
- Renewable Electricity Production Tax Credit (PTC)
Notes: Per-kilowatt-hour tax credit for electricity generated by qualified energy resources and sold by the taxpayer to an unrelated person during the taxable year. 2.3ȼ/kWh for 2013 (2.2ȼ/kWh for 2012). Applies to first 10 years of operation.
Required Forms: Form 8835, 3800
Process for Claiming
The credit is claimed by completing Form 8835, “Renewable Electricity Production Credit,” and Form 3800, “General Business Credit.” For more information, contact IRS Telephone Assistance for Businesses at 1-800-829-4933.
- Modified Accelerated Cost-Recovery System (MACRS) Depreciation
Notes: Businesses may recover investments in certain property through depreciation deductions. Wind Property life for MARCS is 5 years. Accelerated depreciation: For property placed in service from 2008-2013, the allowable first-year deduction is 50% of the adjusted basis. In the case of a 50% first year deduction, the remaining 50% of the adjusted basis of the property is depreciated over the ordinary MACRS depreciation schedule.
Required Forms: Form 4562 (form and instructions attached)
For More Information: https://www.irs.gov/instructions/i4562/ch02.html
- Residential Renewable Energy Tax Credit Depreciation
Notes: Claim credit 30% toward expenditure.
Required Forms: Form 4562 (form and instructions attached)
For More Information: http://energy.gov/savings/residential-renewable-energy-tax-credit
Financing
NY Green Bank Program
https://greenbank.ny.gov/
Property Assessed Clean Energy financing
http://pacenation.us/
