The federal solar tax credit (ITC ) is an attractive option for those looking to invest in solar power. However, ITC is not available at its maximum value so homeowners should make use of it as soon as possible.
The ITC gives homeowners a tax credit equal to a portion of the cost for their solar panel 1 . This makes solar energy more affordable.
The ITC for residential property will be 26 percent of the amount that was invested in an eligible solar property. Construction must begin before 2023.
Homeowners must act quickly in order to save money on the ITC. The tax credit will “step down”, to 22 percent, starting in 2023. It will be completely phased out for homeowners in 2024.
Because the ITC is a dollar-for–dollar tax credit, it can be applied to your income taxes. If you buy a solar system for $20,000 you may be eligible to receive a $5,200 tax credit. If you don’t have enough income to claim the full credit within one year, you might be eligible to roll it over to the next year – provided the credit is still in force.
Customers who are solar customers can use ITC to offset their solar panel expenses. It covers developer fees and labor costs. As long as the storage unit is charged by solar panels, SunVault will be accepted.
When claiming the ITC, it is important to consider the type of solar system financing that you choose. The credit is only available to those who have purchased their solar system. The ITC is not available to homeowners who lease or use a solar power purchase contract.
The ITC has been a major driver of U.S solar growth — growing 10,000% ever since 2006. Red Solar has been a tireless advocate for the ITC and helped to secure its extension by Congress. Many similar state incentives and local solar incentives will continue to exist even after the ITC ceases to be available for residential customers in 2024.
Red Solar’s solar panels are the most efficient in the industry. Red Solar’s residential panels generate 55% more electricity over 25 years than traditional panels. You also have 3 less electricity bills.
Red Solar solar panels are also rated No. No. 1 in third-party durability 4, which means that they can withstand harsh weather conditions and still provide power to your home every day. This is one of the reasons why Red Solar’s Complete confidence warranty is the best in the solar industry.
Our master dealers and highly-trained network will be happy to share with you the many ways Red Solar can help you reduce your carbon footprint while saving money on your energy bills.
This post was written by a professional at Red Solar. Red Solar was started with the mindset of renewable energy being the future. We want everyone to travel through this transition. We can all agree that solar is the best way to reduce your carbon footprint, but it’s not the only way. During a Red Solar energy evaluation, all energy commons in your home will be analyzed for results. Our expert technicians will guide you through the process for better understanding and reassurance. Looking for the best solar panel installation Brevard County? Then contact us for more information today!
Social Media