Residential and commercial tax credits are relatively simple to understand, but they can demand complex requirements to obtain and may potentially phase out over time. Utilizing either, as a private citizen at home or as a whole business, means a probable tax break with the added bonus of helping the environment.
What are Green Loans and Tax Credits?
“Green loans” are private loans that aim to increase a company’s sustainability initiatives. Banks and other lenders, such as peer-to-peer lending sites, offer green loans, and, like any other loan, you will have pay them back. Green loans can also be issued for qualified home improvement projects, such as composting or recycling, purchasing and installing solar panels or green landscaping, such as xeriscaping. It’s important to know that lenders follow the “golden rule,” where the cost of the loan is not greater than the cost of the energy saved.
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