Solar Tax Credits
If you want to power and heat your home while saving money, then solar panels are a great option for you. Not only can this clean energy source reduce your monthly utility bill, but it is also claimable as a tax credit, barring certain exclusions like leasing or power purchase agreements (PPA). Contact Vision Solar by calling 877-449-3101 to learn more about how you can save money by going solar.
Federal Tax Credits
As a solar panel owner, you can claim a federal tax credit called the Investment Tax Credit (ITC) and deduct a significant portion of your installation costs from your taxes. This solar tax credit has played a major role in supporting the solar energy growth of the United States since its introduction in 2006, inciting a 52% increase each year. Thanks to the ITC, you are able to claim the following credits on your taxes:
- 30% deduction until December 31, 2019
- 26% deduction between January 1, 2020 and December 31, 2020
- 22% deduction between January 1, 2021 and December 31, 2021
You can claim the ITC as long as you own the solar energy system on your home. This means that leases or PPAs render you ineligible. If you do not have a high enough liability to claim your entire credit in the same year, the ITC conveniently rolls over to provide you with your maximum return, making your life easier.
State Tax Credits
Aside from the ITC, state tax credits may also be available to help subsidize the cost of your solar panel installation. For example, New Jersey currently offers 57 renewable energy program incentives, Pennsylvania offers 68, and Arizona offers 76. To learn more about your state’s solar tax credit offerings and how to take advantage of them, contact us to speak with a knowledgeable Vision Solar representative.
Fortunately, solar savings don’t end there. There are other ways that you can save cash with this green energy source, such as with cash rebates and subsidized loans. If you can’t afford to front the costs of solar system installation, then taking out a subsidized solar loan could provide the help you need. You can attain these loans through some state governments, a non-government organization, or your utility company. Or, if you find yourself in a pinch, you could also look into our $0 down financing programs. Call us or visit our website with questions about either of these money-saving options.
Supreme Solar Savings
With so many ways to save by going solar, what’s stopping you from making the switch? If it’s more convincing you need, then you can use a solar calculator to determine the total cost of a solar system installation as well as your total solar savings. You’ll just need to enter your address to get started.
At Vision Solar, our team of energy experts is ready to help you make the transition to solar power. Not only will we help you achieve your maximum savings, but we will also get the job done quickly and correctly. Within 30 days, we will engineer, permit, install, and activate your solar panels, so you can start reaping your solar benefits fast. Visit us online to get a free quote or check out our other online resources to learn more about solar power savings.