IRS Approves Individual Tax Credit For Shared Solar Project
By Matt Sharp (September 1, 2015, 8:20 PM EDT) -- The U.S. Internal Revenue Service has ruled that an individual Vermont-based owner of solar panels in a community-shared array can take advantage of a 30 percent federal residential income tax credit, the Clean Energy States Alliance and Foley Hoag LLP said on Tuesday.
The nonprofit CESA and Foley Hoag said in a statement that the IRS' ruling in favor of a solar panel owner belonging to the Boardman Hill Solar Farm, a 150-kilowatt off-site solar array, could spur project opportunities for direct ownership of community-shared solar systems by multiple individuals.
"This new private letter ruling represents the first instance in which...
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