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Don’t Wait to Take Advantage of the Solar Tax Credit
January 5, 2018
Since 2006, homeowners and property owners who installed solar panels in the United States could receive a federal tax credit. However, the 30% solar tax credit will decrease to only 26% in 2020 and finally to 22% in 2021. Then from 2022, there will no longer be a solar tax credit for homeowners, but commercial property owners may still be able to receive a credit of 10%. Find the full details on the Solar Tax Credit at EnergyStar.com.
Statements made as recently as October 2017 by the EPA Administrator, Scott Pruitt, who believes the federal tax credits for solar should be eliminated, could jeopardize their existence. The Environmental Protection Agency doesn’t have the authority to end the credits, so it is ultimately a policy decision for Congress. However, if there is already one top government official pushing for the end of these solar tax credits, it is not out of the question that Congress could eliminate them. While nothing is certain in terms of overturning the policy, the credit amount will certainly decrease so it’s important for anyone who’s been thinking about going solar to make the switch as soon as possible.
Why Should You Go Solar Now?
One of the main reasons you should finally make the switch to solar is that it’s as affordable as it will get for a long time. Although in the past decade the prices of solar panels have dropped significantly due to technology advancements, they aren’t going to drop any further in the foreseeable future. In addition, with the solar tax credit still in effect, you will be able to receive 30% of the total cost of your system back as credit against federal tax liabilities, and in some cases can be carried over up to 5 years.
Other reasons to go solar as soon as possible include:
Strong Financing Options and Lower cost
With PACE financing from HERO and CaliforniaFIRST, or Benji financing, and many more unsecured financing you can easily install solar and pay for your system over time with the savings you’ll receive on your electricity bills. In most cases solar systems cost per KwHr is 30%-50% cheaper than the cost of the utility companies. This allows you to save on your bill, increase your home’s comfort and value with no money down.
Eliminating Your Electricity Bills
Backed with a warranty of over 25 years and a production guarantee, using solar energy and the free energy of the sun to power your home or business will reduce your electricity bills (or even eliminate them!) so you’ll be able to save money each month for decades and have no Kwhr usage form the utility grid .
Protecting the Environment
Powering your commercial property or home with solar energy will lower your carbon footprint, meaning less pollution will make its way into the world, helping to protect the environment for future generations.
SolReliable: Your Southern CA Solar Installers
We’ve already helped homeowners and commercial property owners all across Southern and Northern California area go solar and to make their home more energy efficient . Our experts will help get your system up and running quickly so you can take advantage of the solar tax credit while it’s still in effect.