Thanks to rapidly growing interest and technological advancements, solar panels today are more efficient and less expensive than ever before. They’re a great investment, whether you want them for your home, or your business. But as with any investment, of course you want to be sure you’re getting the best deal for the best price. If you’re looking for an incentive to go solar, look no further than the 26% Federal Solar Investment Tax Credit.
The Federal Solar Investment Tax Credit, also called the ITC, or the Federal Solar Tax Credit, is an incentive available to everyone. Whether you’re a homeowner, run a small business, or run a big company, you can take advantage of this incentive. It works like this:
When you purchase solar panels, you can use the Federal Solar Tax Credit to get 26% of the total cost of the system back in tax credits. That means that over a quarter of the cost is reduced from the get-go. And if you don’t use all your tax credits the first year, don’t worry- they’ll just roll right on over to the next.
So if you purchased a solar panel system that cost a total of $20,000, including installation, you could get $5,200 back in tax credits. That would reduce the cost of your solar panels down to $14,800. And with other state and local incentives there may be available to you, you could reduce the cost of your solar panel system even further!
The 26% Federal Solar Tax Credit is a great way to get solar panels for a great cost. However, if you’d like to take advantage of this incentive to switch to solar, you’ll need to act quickly. The Federal Solar Tax Credit is only available at 26% until the end of 2020. Starting January 1st, 2021, the tax credit is reduced to 22%. And in 2022, it will be completely unavailable for houses.
If you’d like to speak to someone about switching to solar, simply call us up at Sunpro Solar. We are an experienced solar installation company that offers turnkey solutions to make going solar simple and stress-free for you.