Technological advancements and rapidly growing interest are giving way to solar panels that are more efficient and less expensive. They are an excellent investment, whether you need them for your business, or your home. However, like with any investment, you want to ensure you are receiving the perfect deal for the perfect price. If you are searching for an incentive to try solar, search no further than the twenty six percent Federal Solar Investment Tax Credit.
This credit, also referred to as the Federal Solar Tax Credit, or ITC, is an incentive that is available to everyone. Whether you are a homeowner, operate a small business, or operate a large corporation, it is possible to take advantage of the incentive. Here’s how it works:
As you invest in solar panels, it’s possible to utilize the Federal Solar Tax Credit to receive 26 percent of the overall expense of the system back in tax credits. This means that more than 1/4 of the price is decreased from the beginning. Plus, if you do not use all of your tax credits in the first year, do not be concerned- they will simply roll directly on over to the next.
Therefore, if you invested in a $20,000 solar panel system, which includes installation, you would receive $5,200 back in tax credits. It would decrease the price of your solar panels to $14,800. Plus, with other potential local and state incentives, you could further decrease the price of your system.
The 26% Federal Solar Tax Credit is an excellent method of getting solar panels for an outstanding cost. But, if you want to take advantage of that incentive and change to solar, you will need to act rapidly. The twenty six percent credit is only available until the end of 2020. Beginning Jan. 1, 2021, the credit will decrease to twenty two percent. Plus, in 2022, it will be fully unavailable for homes. If you would like to talk with someone about solar integration, contact our team at Tri-State Electrical Contractors.