Double-Digit Solar Tax Credit Will Save Thousands
Small Steps To Solar, Big Change For Your Wallet
Solar energy is one of the cleanest and most abundant renewable energy sources available. It is an energy solution quickly gaining popularity because of its reliable electricity and proof of saving money on utility bills.
Solar and solar battery storage consumers can take advantage of the 26% Investment Tax Credit (ITC) offered by the federal government. A property owner who purchases a solar energy system that costs $20,000 can expect to receive a 26% ITC, which equates to a $5,200 credit off their income taxes. There may be additional incentives from your state or utility as well. Check with your tax advisor on how the ITC or other incentives will affect your tax return.
Over 2.6 million U.S. households have already gone solar. The Solar Energy Industry Association (SEIA) has goals to grow the solar sector to nearly seven times its size over the next nine years, creating jobs and economic benefits and reaching communities that have traditionally been left behind.
If you are thinking about going solar, now is a good time to start a conversation with a reputable solar professional in your area. If you are interested in financing, use greenpenny’s Residential Solar Loan Calculator to estimate the financing payment to compare to your monthly electric payment. Then visit with your solar installer to ensure an accurate comparison for the system recommended for your energy needs.
Powering your home, business, or farm property has the potential to pay you back over time through low or eliminated electricity bills for 20-30 years. The standard warranty is 25 years, yet solar panels have a low-to-no maintenance track record. There are many reasons to go solar, ultimately improving the environment, and cutting energy costs are the most common.
Special thanks to Winneshiek Energy District for their consulting assistance in this article’s writing. Greenpenny is an active supporter of the Energy District’s mission to lead, implement, and accelerate the locally-owned, inclusive, clean energy transition.