Qualifying businesses and farmers can now use the USDA REAP Grant to cover 50% of their solar investment. Additionally, when you add the 30% federal tax credit and the 10% adders to the bonus depreciation savings, you can expect to have 90% or more of your solar investment returned to you in year one.
This unique investment opportunity not only offers immediate tax savings but also long-term electric savings. Investing in solar gives you control over a fixed cost for the next 25+ years.
Here's what a solar investment could look like for you. 👇
"I call it an investment because that's what it is... We have a very low energy cost that keeps our overhead down to put into other products."
"I looked at solar as being an upfront cost but it also gave you a known cost going forward that you could budget... Paradise Energy makes it seamless"
"It works, and I don't have to do anything to make it work. There are not many things on a farm that are that way."
In short, most farms and rural small businesses in an eligible area could qualify.
Farmers (Schedule F)
If you use Schedule F, you will be filing as an agricultural producer. To qualify, the majority of your income (51%) must come from the farm. Additionally, the majority of the electricity you use (51%) must be consumed by farm operations — not by personal residences attached to the property. Additionally, you can't have outstanding tax liabilities with the IRS.
Businesses (Form 1065 or 1120)
If you file a 1065 or 1120, you will be applying as a rural small business. The majority of electricity consumed on the property must be for business purposes only, and the applicant can’t owe any back taxes. Most businesses that operate out of your residence do not qualify.
In addition, the business must be located in a qualifying area - this is defined as an area with 50,000 residents or less.
The opportunity to receive the 50% USDA REAP grant will come to a close in September 2024, with a gradual decrease in available funding each quarter.From summer of 2023 to the end of 2024, you’ll have five chances to qualify:
Paradise Energy Solutions is a family-owned, full-service solar energy company with the goal of helping people be good stewards of God’s abundant resources, both financial and environmental.
While solar energy is what we do, our team is what makes us stand out from the rest.
From the four brothers who started the company to our 100+ other team members, we’re here to help you make the best investment for your business, farm, and home - even if that means not going solar.
We look forward to helping you investigate the cost-saving benefits that solar energy can bring to your budget.
PV solar systems require very little maintenance over their 30+-year lifespan. Unless your solar system has bad parts, was installed incorrectly, or an outside factor causes damage to the system, there’s little maintenance needed to keep your solar system running.
Plus, if something would go wrong, there is a good chance it will be under warranty. Your panels and inverters come with lengthy warranties from the manufacturers. Paradise Energy adds an additional layer of security with our Triple Ten Guarantee. This guarantees the production and workmanship for the first 10 years.
Click here to learn more about solar panel maintenance.
Most solar panels’ performance is guaranteed for 25 - 30 years, but panels will go on to produce electricity for longer than that. The first 30 years after your solar installation is considered the system’s “useful life”, but panels can still produce electricity for decades longer. In fact, the world’s first modern solar panel is still producing electricity at the ripe age of 60!
Click here to learn more about the lifespan of solar panels.
Solar panels come with a performance warranty that guarantees the efficiency will stay above a specified percent. These warranties range from 25 to 30 years, depending on the brand.
Solar panels also come with a product warranty. These range from 12 to 25 years in length.
Inverters come with a warranty of 12 to 25 years depending on the brand and type.
In addition to manufacturer warranties, Paradise Energy provides an added layer of security with our Triple Ten Guarantee. This guarantees the production of the system for the first 10 years. It also covers workmanship issues.
Click to learn more about our product warranties.