SOLAR POWER STATIONS FOR OXBLUE CONSTRUCTION CAMERAS ARE ELIGIBLE FOR RENEWABLE ENERGY TAX CREDITS
OxBlue is notifying construction and real estate professionals in the U.S. about renewable energy tax credits that may be available to them with the purchase of an OxBlue Solar Power Station. This notification is being released to construction and real estate professionals who use construction cameras to stay informed about construction site progress, who are interested in green power, and who are looking for ways to reduce taxes. U.S. Customers who purchase OxBlue solar power stations will normally save more than $1,000 dollars with the federal tax credit. As an additional service, OxBlue will prepare the required paperwork at no charge for use by the client’s tax professional.
Highlights of the Solar Energy Property Tax Credit:
- The tax credit can be claimed by taxpayers on Form 3468
- Solar energy property is defined by the code (code section 48(a)(2)(A)(i)(II)) as equipment that uses solar energy to generate electricity, to heat or cool a structure, or to provide solar process heat (but not for a swimming pool)
- The credit is not allowed for property unless it is depreciable or amortizable; its construction, reconstruction or erection is completed by the taxpayer; and it meets the official quality and performance standards in effect at the time of acquisition
Extension of Tax Credit
As of December 21st, 2020, the U.S. Congress passed legislation that maintains the solar tax credit at 26% through 2022, 22% in 2023, and 10% after that. This creates a significant opportunity for existing and future OxBlue customers who elect to purchase solar-powered construction cameras. After 2019, the credit was to decrease incrementally according to the following schedule: 26% through 2020; 22% through 2021; and 10% thereafter. However, as of December 21st, 2020, the credit has been extended at 26% through 2022, 22% in 2023, and 10% after that.
“OxBlue has been a pioneer in solar-powered construction cameras. Many of our new and existing customers have taken a particular interest in our solar-powered construction cameras due to the ease of installation, reliability, and cost point,” explains Chandler McCormack, CEO of OxBlue Corporation. “The tax incentive makes the decision to purchase the OxBlue solar power stations that much more compelling. Our clients will be rewarded by the federal tax code for using technology that helps keep everyone involved with a project up to date on progress.”
In addition to federal tax incentives, customers of OxBlue may be eligible for other state, local and utility incentives that promote renewable energy. Additional information regarding these incentives can be found on the DSIRE (Database of State Incentives for Renewables and Efficiency) website at dsireusa.org.
OxBlue serves its customers with offices in both the U.S. and Europe, providing construction camera services to construction sites in all 50 U.S. States and on 6 Continents. The company is renowned for its plug and play high-resolution live construction cameras that transmit remotely through wireless cellular signals.
OxBlue, the pioneer of construction camera technology, assists project owners, contractors, and developers by bringing their job sites into focus. OxBlue’s award-winning service and wireless and solar-powered camera systems have been used on over 20,000 projects, in 50 states throughout the US and in more than 36 countries. The camera technology empowers clients to make informed, real-time decisions from anywhere and at any time, and the time-lapse photography elevates project marketing by making job sites shareable content. Most importantly, every OxBlue employee is dedicated to making the client’s success the number one priority.