Elective Pay Rebate for Non-Profit Solar Projects is now open for applications
The new Inflationary Reduction Act of 2022 Elective Pay Rebate program is now open for applications. For the first time in history, this program will offer an 'Elective Pay' Rebate to government entities, non-profits, and faith-based organizations for renewable energy projects. Examples of such projects include solar parking canopies, roof mounted solar, and solar projects with storage.
Both public and private schools are eligible and could receive up to a 50% rebate for projects located in Energy Communities and/or Low-Income designated zones. Below is an example of a project that would be eligible by the program.
Richardsville Elementary School located in Warren County near Bowling Green, Kentucky.
Organizations that wish to receive direct pay, also known as elective pay, must pre-register with the IRS before the tax return is due and receive a registration number.
Here is the link to get started: https://www.irs.gov/credits-deductions/register-for-elective-payment-or-transfer-of-credits
The program budget is limited yearly and will be awarded on a first come first served basis. So, it is recommended to act quickly.
Please contact us asap to get your property assessed and a solar concept designed for your facility.
Feel free to contact Morton Solar for a free consultation to determine if your project is eligible: (812) 402-0900.