In response, major industry organizations have asked Washington for assistance.
Our experienced solar advisors will work with you to understand your project goals, timelines, and milestones, as well as your company’s financial position, accounting method, and risk profile.
Businesses, however, have a little more leeway, thanks to the safe harbor provision. This added vagueness has worried the industry.The initial coronavirus relief bill, also known as the CARES act, includes stimulus for small businesses and airlines, as well as $300 billion for Americans via direct deposit or check payments.
Both are considered acceptable proof of beginning construction and demonstrate that work has been initiated.A commercial solar project can say construction began on their project in 2020 if they incur at least 5% of the project cost in 2020. The first safe harbor strategy is to incur 5% of total project cost, and the second is to begin physical work of a significant nature on a project. This blog post will cover the concept of safe harbor and how Namasté Solar can help commercial projects ensure eligibility for the 26% solar tax credit before it steps down to 22% in 2021.The IRS has established a provision to the ITC tax law called safe harbor, which allows customers to preserve the tax credit of the current year by beginning construction on a solar project.
In order for a solar developer to preserve the 30 percent ITC for their project, they need to commence construction before Jan. 1, 2020, and place it in service before Jan. 1, 2024.
The renewables sector asks for two additional years of safe harbor for projects looking to take advantage of the PTC and ITC — wind and solar tax credits. The project cost refers to cost of the portion of the facility that qualifies for five-year accelerated depreciation: panels, racking, and inverters. Assuming the work performed is of a significant nature, there is no fixed minimum amount of work, monetary amount, or percentage threshold required to satisfy the physical work test.The best safe harbor strategy will depend on the individual characteristics of your project. For wind developers, the inability to finish projects by the end of 2020 may mean forfeiting the 60% credit.In both the wind and solar industry, developers had included the credit in their business plans. Right now, the ITC functions as a This year, the ITC declined in value. Leading solar developers are using these tests to qualify projects for the 30% ITC by beginning construction in 2019 in a manner that satisfies either the Physical Work Test or the 5% Safe Harbor, notwithstanding that such projects may not be placed in service until as late as 2023.
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