When it comes to solar energy all you need is a solar panel and a rooftop right? It’s not that simple. If you want to start a project or business and be environmentally friendly as well, you might be in for a surprise! Projects or businesses that require renewable energy must be backed by investors or the government subsidies. Otherwise, they can never compete with fossil fuel generated rivals.
If government incentives are chosen there are two ways you can get help and they are either
- Tax credits and federal grants
- Green energy credits and state rebates
The amount of allowance you get must be carefully spent so that you can stretch it as long as you can. This is because you might not get another allowance until 15 years! There are multiple types of credits you can acquire from the government if you are eligible. You get tax benefits for using solar energy, but it’s insignificant when the cost of running your business is taken into account. Most of the time, sales representatives scam people into buying expensive renewable energy technologies by using tax cut as a selling point.
What’s worse is that investors don’t like to invest on these types of projects because they are afraid that you won’t be able to compete. However, this doesn’t mean that you should give up on solar energy! Numerous people have beat the odds and become successful such as Jesse Moore of M-Kopa solar in Africa. Solar energy is the final frontier since we are soon to run out of fossil fuel and dependence on other nations. You can find more information on how to get started here http://www.investopedia.com/articles/personal-finance/053115/how-become-renewable-energy-entrepreneur.asp
So why Accounting?
Since tax plays a very important in your solar energy project, you need to take advantage of a long list incentive, grant and credit options that come your way. There are many different types of credits and allowances that the government provides to renewable energy businesses, and each have particular sets of requirements. Hiring yourself a Certified Public Accountant (CPA) is the best option! They will not only take care of your paperwork so you meet the requirements, but also consult you on how to manage your allowances.
A Certified Public Accountant is an absolute requirement in this industry! You need them to do your audits, reports, financial planning, credit and subsidy analysis etc. Without a CPA you are absolutely blind. However, you are already facing the costs of running your company so the burden of hiring a CPA may be too much to bear. Moreover, no matter how adept a financial planner is; only you know what you want! So the only solution is to do it yourself!
How to be a CPA
To be a CPA you don’t have to go through an entire college degree! It can actually be learned online and at your pace. Here is the best CPA study material you can find online! It doesn’t even cost as much as a university degree! Accounting experience is a rarity in business these days, so once you’ve got your certification, you’ll be in high demand! So invest in being a CPA and enjoy being your own boss.