Take Advantage of the Solar Tax Credit Before It's Gone

Going to solar energy reports in the long run, but many homeowners and business owners are reluctant to make the change because of the initial cost of the purchase and installation. But unless you plan to lease your photovoltaic system, there is no better time than the present to invest in solar energy. Although solar energy is increasingly affordable due to lower capital costs, solar energy market players only have a few years to take advantage of the federal government's significant tax incentives.
The federal solar energy tax credit applies to a range of solar technologies, including solar water heating systems, solar heat, solar thermal, solar thermal heat and photovoltaic. Also known as the Investment Tax Credit (ITC), the federal solar credit was designed to encourage the solar installation by deducting a portion of the cost of your federal income taxes. If you receive non-taxable incentives from your local supplier, the deduction would apply to the cost of installation less the rebate or any other subsidized energy funding program.
To qualify for the federal residential renewable energy tax credit, homeowners must own, not rent, their solar panels. You are eligible even if the system is in a second home, as long as you own the property and live there for part of the year. If you owe the federal government less than 30% of the cost of your system, you can claim the remaining credit for the following year.
The federal solar credit was due to expire in 2007 before Congress does not extend the measure by the end of 2015. The solar users can now deduct 30% of the cost of their solar photovoltaic system by the end of 2019, the owner average more than $ 5,000 in their federal taxes. By 2020, new solar users will only be able to deduct 26% of their system costs and 22% by 2021. After 2022, only commercial solar systems will be eligible for the solar tax credit at 10% of the cost of the system. system. However, homeowners will be able to claim the solar tax credit provided their system is operational by the end of 2023.
Given that solar energy is now cheaper than fossil fuels and generally pays for itself within six to eight years, the Solar Energy Tax Credit is an opportunity to save in the short and long term . The law even allows you to claim the tax credit as soon as you start building your system, whereas in the past, owners of new solar energy systems could only claim the federal tax credit when their system was in place. operational. In today's solar landscape, it is worth going to the lot as soon as possible, a gain for the environment and your bank account.

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