Billboard Insider talked with Kevin Conlin of Autonomous Power Solutions about the solar tax credit and out of home.
What is the solar tax credit?
The solar tax credit is actually an investment credit that has been around for a while. It allows you to receive a tax credit for the money you spend on solar equipment and installations. The credit was increased to 30% as part of the Inflation Reduction Act passed by Congress in August 2022. In simple terms, if you spend $20,000 on a solar lighting system, you receive a tax credit of $6,000. You can deduct this $6,000 from your federal taxes.
How can I learn more?
Visit the IRS Form 3468 information page. To take advantage of the credit, you will use IRS Form 3468 and enter your total expense on line 12C.
What does it mean for out of home companies.
The tax credit is typically used when an OOH company installs a solar lighting system on a billboard. The tax credit not only covers the cost of the solar hardware, it also covers the cost of freight, installation labor and materials, and even the lights. The 30% tax credit doesn’t expire until 2032, and can be carried over from one year to the next if the full credit isn’t used in the first year.
What trends are you seeing in out of home solar?
Solar platforms, built near the base of the board. Often, due to billboard orientation, limited space and aesthetic concerns, we’re finding that building a small platform at the base of the structure is a very simple and elegant solution. Using the platform to mount the solar panels, batteries and controls provides a safe and convenient solution, and is relatively quick and easy to install. Here are a couple solar platform projects I’ve been involved with for SignAd in Texas and Lind Media in Ohio.
You can reach Kevin Conlin at 844-909-9095 or by emailing kconlin@autonomouspwr.com
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