HomeTraining & Education ›Grady CPA, PC to Provide Guidance for Solar Installations and Electric Vehicles

Grady CPA, PC to Provide Guidance for Solar Installations and Electric Vehicles

Grady CPA, PC will conduct educational consulting in 2024 for individuals and businesses to help them navigate the challenging complexities of tax incentives and credits for solar installations and electric vehicles, guiding them through the process, and ensuring that they maximize the financial benefits.

December 26, 2023. By News Bureau

Grady CPA, PC, a tax accounting firm in Rhinebeck, NY, recognizing that as the world shifts towards sustainable practices, New York State residents and businesses are presented with a unique opportunity to not only contribute to environmental well-being but also to bolster their financial health.

New York State has been actively encouraging the adoption of solar energy through various incentive programs. The NY-Sun initiative, for instance, provides financial incentives for both residential and commercial solar projects. Residents can benefit from income tax credits, property tax exemptions, and sales tax exemptions on the purchase and installation of solar panels.

For businesses, the advantages are even more pronounced. The Business Energy Investment Tax Credit (ITC) allows for a federal tax credit of up to 30% of the cost of solar projects, reducing the overall financial burden. Furthermore, the Modified Accelerated Cost Recovery System (MACRS) enables businesses to recover their investments in solar property through depreciation deductions.

Grady CPA, PC is expanding its expertise to benefit clients by focusing on this category via customized consulting throughout 2024. The firm has been at the forefront of maximizing the benefits of this global shift for individuals and businesses and will continue to broaden its outreach and educational service.

John Grady, President & CEO of Grady CPA, PC, explained that the convergence of environmental responsibility and financial prudence presents a unique opportunity for New York State residents and businesses, and that empowering people with knowledge will shed light on the significant financial benefits associated with solar and electric vehicle (EV) credits.

The long-term benefits extend beyond mere financial gains. By investing in solar energy, individuals and businesses contribute to a cleaner environment, aligning with New York State's ambitious clean energy goals. With a global shift towards electric vehicles, New York State has implemented robust incentives to encourage residents and businesses to embrace this sustainable mode of transportation.

The Drive Clean Rebate offers a substantial financial incentive for purchasing or leasing electric cars, making them more accessible to a broader audience. Businesses looking to electrify their fleets can take advantage of the Charge Ready NY program, which offers rebates for installing charging stations.

Additionally, the Federal Electric Vehicle Tax Credit provides individuals with up to USD 7,500 in tax credits for qualifying electric vehicles, further sweetening the deal.

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