The federal government and many state and local governments offer a range of incentives to businesses to become more energy efficient. These rebates, tax breaks, and special programs can significantly reduce the upfront costs involved in upgrading facilities or operations.
Review the incentives below to find potential savings.
A number of federal tax breaks are available for businesses that make energy-efficient upgrades. These include the Business Energy Investment Tax Credit, which covers up to 30 percent of the cost of solar heating and cooling systems, wind turbines, and other equipment. Additional tax incentives can be found via the Small Business Administration and Department of Energy.
Many states, cities, and towns offer tax deductions, exemptions, grants, and other incentives for energy efficiency improvements and use of renewables. These include rebates for installing energy-efficient lighting and solar power systems; grants for upgrading equipment, heating and other systems; and more. A comprehensive list of incentives can be found in the Database of State Incentives for Renewables and Efficiency (DSIRE)®, an initiative partially funded by the Department of Energy.
Many utility providers offer rebates for installing equipment and lighting that meets efficiency standards. Additionally, many offer free audits to help identify energy-saving opportunities. Some companies may also offer on-bill financing, which lets businesses pay for upgrades over time through their utility bill.
We are committed to helping your business succeed. Our dedicated business banking professionals can help you find the right product to meet your business’ needs. To learn more about business and equipment flex loans, please call 1-800-428-7463, visit us online, or visit your nearest Citizens Bank Branch.
Disclaimer: Views expressed may not necessarily reflect those of Citizens Bank. The information contained herein is for informational purposes only as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.
DSIRE® is a registered trademark of North Carolina State University.