2024 New Program Available
How Can The Inflation Reduction Act Can Benefit You
Infinity Solar's Partnership with RETE
At Infinity Solar, we’re committed to not only providing top-tier solar solutions but also ensuring that our customers maximize their benefits from renewable energy investments.
That’s why we’ve partnered with RETE (Renewable Energy Tax Experts), a premier consulting firm specializing in tax planning services for both commercial and residential solar customers.
RETE specializes in providing comprehensive consulting and tax planning services tailored specifically for solar customers. Their flagship offering, the RETE consultation packet, is designed to ensure that every purchaser of solar panels receives all eligible federal tax benefits.
RETE boasts a team of industry-leading tax consultants, including Enrolled Agents (EAs), Certified Public Accountants (CPAs), and Tax Lawyers, all specializing in renewable energy taxation. With their wealth of expertise and experience, RETE is well-equipped to guide customers through the complexities of solar tax incentives and regulations.
Income Tax Credit Rebates, Explained
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Residential Sample Project
- Project Details: Roof Mounted with Rails 10KW PV Solar System
- Project Total Cost: $48,000
- ITC Credit Percentage: 50%
- Total ITC Tax Credit: $24,000
- Federal MARCS: $12,600
- CA State MARCS: $4,464
- Total Tax Credits: $41,064
Out of Pocket Cost: $6,936
Tax Incentives Covered: 85.55% of Project Costs
Based on Federal Tax Income Bracket of 32% & State Income Tax of 9.3%
QUALIFYING PROPERTIES ARE ELIGIBLE FOR TAX INCENTIVES AND REBATES EXCEEDING 100% OF TOTAL PROJECT COSTS
How it Works
Infinity Solar is proud to announce our partnership with RETE, ensuring
you receive optimal deals and expert advice directly from industry professionals.
Preliminary Consultation
In your initial meeting, you'll sit down with a certified CPA from RETE who specializes in the intricate regulations of the Inflation Reduction Act. They'll guide you through gathering all necessary documents and information, enabling you to maximize your eligibility for the highest possible tax credits.
Tax Form Preparation
Our specialists will complete all necessary paperwork tailored to your individual tax circumstances, delivering a seamless start-to-finish service for your convenience.
Tax Review Consultation
During the second consultation, you'll be joined by your dedicated tax professional to ensure meticulous attention to detail, ensuring all aspects are thoroughly reviewed and aligned for a smooth filing process when tax time arrives.
Audit Defense
As part of our comprehensive services, we provide audit support for added peace of mind.
Commercial ITC Benefits
- Federal Tax Credit: Businesses can claim 30% of their solar installation costs as a federal tax credit, with additional state and local incentives potentially increasing this percentage.
- Example: A ground-mounted 695KW PV solar system with microinverters and a total project cost of $2,697,550.
- Federal Renewable Energy Credit: 30%
- State Solar Incentive: 10%
- Local Renewable Energy Program: 10%
- Total Renewable Energy Credit Percentage: 50%
- Total Renewable Energy Credit: $1,348,775
- Federal Grant: $768,802
- State Rebate: $323,706
- Total Incentives: $2,441,283
- Out of Pocket Cost: $256,267
- Incentives Covering: 90.5% of project costs
- (Based on a federal tax income bracket of 30% and state income tax of 7.5%)
- Example: A ground-mounted 695KW PV solar system with microinverters and a total project cost of $2,697,550.
- Accelerated Depreciation: Businesses benefit from the Modified Accelerated Cost Recovery System (MACRS), allowing for faster depreciation of solar assets and additional tax savings.
- Cost Reduction: Solar energy systems help businesses cut operational energy costs and protect against future energy price fluctuations.
- Corporate Responsibility: Implementing solar energy demonstrates a company’s commitment to sustainability and corporate social responsibility, enhancing brand image and appeal.
- Eligibility: Businesses must own their solar energy systems and meet specific installation and operational requirements to qualify for the ITC.
Residential ITC Benefits
- Federal Tax Credit: Homeowners can claim 30% of their solar installation costs as a federal tax credit. Additional incentives can increase this percentage.
- Example: A roof-mounted 10KW PV solar system with a total project cost of $48,000.
- Standard ITC: 30%
- Made In USA Products: 10%
- Energy Community: 10%
- Total ITC Credit Percentage: 50%
- Total ITC Tax Credit: $24,000
- Federal MACRS (Modified Accelerated Cost Recovery System): $12,600
- CA State MACRS: $4,464
- Total Tax Credits: $41,064
- Out of Pocket Cost: $6,936
- Tax Incentives Covered: 85.55% of project costs
- (Based on a federal tax income bracket of 32% and state income tax of 9.3%)
- Example: A roof-mounted 10KW PV solar system with a total project cost of $48,000.
- Energy Savings: Solar panels reduce monthly electricity bills, providing long-term financial savings.
- Property Value Enhancement: Homes equipped with solar energy systems typically see an increase in market value.
- Environmental Contribution: By installing solar panels, homeowners contribute to reducing carbon emissions and promoting sustainable energy.
- Eligibility: The ITC is available to homeowners who own their solar energy systems. Installation must be completed within the specified timeframe to qualify.
What is Your Tax Bracket?
Federal Income Taxes
| Tax Rate | Single | Married filing Jointly | Married filing Separately | Head of Household |
|---|---|---|---|---|
| 10% | $0 – $11,000 | $0 – $22,000 | $0 – $11,000 | $0 – $15,700 |
| 12% | $11,001 – $44,725 | $22,001 – $89,450 | $11,001 – $44,725 | $15,701 – $59,850 |
| 22% | $44,726 – $95,375 | $89,451 – $190,750 | $44,726 – $95,375 | $59,851 – $95,350 |
| 24% | $95,376 – $182,100 | $190,751 – $364,200 | $95,376 – $182,100 | $95,351 – $182,100 |
| 32% | $182,101 – $231,250 | $364,201 – $462,500 | $182,101 – $231,250 | $182,101 – $231,250 |
| 35% | $231,251 – $346,875 | $462,501 – $693,750 | $231,251 – $346,875 | $231,251 – $578,100 |
| 37% | $346,876 + | $693,751 + | $346,876 + | $578,101 + |
California State Income Taxes
| Tax Rate | Single/Married filing Separately |
|---|---|
| 1% | $0 – $10,412 |
| 2% | $10,413 – $24,684 |
| 4% | $24,685 – $36,959 |
| 6% | $38,960 – $54,081 |
| 8% | $54,082 – $68,350 |
| 9.3% | $68,351 – $349,137 |
| 10.3% | $349,138 – $418,961 |
| 11.3% | $418,962 – $698,271 |
| 12.3% | $698,272 – $999,999 |
| 13.3% | $1,000,000 + |
| Tax Rate | Married filing Jointly |
|---|---|
| 1% | $0 – $20,198 |
| 2% | $20,199 – $47,884 |
| 4% | $47,885 – $75,576 |
| 6% | $75,577 – $104,910 |
| 8% | $104,911 to $132,590 |
| 9.3% | $132,591 to $677,278. |
| 10.3% | $677,279 – $812,728 |
| 11.3% | $812,729 – $1,354,550 |
| 12.3% | $1,354,551 + |
| 13.3% | Mental Health Services Act |
| Tax Rate | Head of Household |
|---|---|
| 1% | $0 – $20,212 |
| 2% | $20,213 – $47,887 |
| 4% | $47,888 – $61,730 |
| 6% | $61,731 – $76,397 |
| 8% | $76,398 – $90,240 |
| 9.3% | $90,241 – $460,547 |
| 10.3% | $460,548 – $552,658 |
| 11.3% | $552,659 – $921,095 |
| 12.3% | $921,096 + |
| 13.3% | Mental Health Services Act |