The video below will show you the different types of financial incentives that are available in HelioScope and how to customize them.
Steps to Create a Custom Financial Incentive
- On the left sidebar click Libraries then click Incentives to go to the Incentives Page
- Click the orange+ New Incentive button on the top-right of the screen
- Edit the name of the incentive to something memorable (click next to the pencil icon to edit)
- Click the Incentive Type drop-down to choose the desired payment structure
- Configure the incentive parameters (ex. amount and year of payment)
- Click Save
After completing the steps above you can now add your incentive to your project from the Overview page. Click the "Add Incentive" button and search for your new incentive.
What does a Reduced Basis on Incentive mean on a Percentage Based Incentive?
While creating percentage-based incentives, the "Reduced Basis" toggle allows you to determine if the incentive will be calculated based on the total system cost or a lower amount.
The percentage-based incentive will be calculated based on the total system cost when the Reduced Basis is toggled off. So for example, a 10% percentage-based incentive of a $300,000 project with it toggled off would be $30,000*0.1 = $30,000.
If Reduced Basis is toggled on and your customer would be qualifying for other incentives like the US Tax Credit. To calculate the incentive, the tax credit would have to be deducted from the total system cost first. Then the Reduced Basis is multiplied by 0.1. So, following our previous example, if the Tax Credit is 26% of the system cost $300,000* 0.26 =$78,000, our new basis for the Percentage Based incentive would be $300,000 - $78,000 = $222,000. We then take our new basis $222,000 and multiply it by 10%, $222,000*.1= $22,0000.