Save on Solar – Tax Rebates Ending Soon
Solar energy is hot right now (pardon the pun). Costs for installation and maintenance of solar panels are at an all-time low, while solar systems are increasing in efficiency and cost savings for homeowners. This is reflected in the federal government’s incentives for the development and construction of new solar technologies. The federal tax credit for residential homeowners for 2020 is 26% of the cost to install a system.
In 2015 when Congress approved the 2016 federal spending bill and extended the solar panel tax credit, five-years’ worth of tax credits were part of the extension. The highest tax savings were built into the legislation from 2016 to 2019 at 30 percent. After that, tax savings lower each year until the credit bottom’s out in 2022 at 10 percent.
2016 – 2019: The tax credit was 30 percent of the cost of your system.
2020: Owners of new residential solar can deduct 26 percent of the cost of the system from their taxes.
2021: Owners of new residential solar can deduct 22 percent of the cost of the system from their taxes.
2022 onwards: Owners of new commercial solar energy systems only can deduct 10 percent of the cost of the system from their taxes. There will be no federal credit for residential solar energy systems.
Those who installed a solar system in 2019 can claim the credit on their taxes due April 15. Installing solar in 2020 can still get you a 26 percent rebate on your residential taxes. After 2020, the savings will be reduced again to 22 percent in 2021. After that, there are no more incentives. So, it’s imperative that homeowners that are thinking about solar should act now.
US Energy Solutions Solar Options
Interested in installing solar in 2020? Significant tax breaks are a great incentive to content US Energy Solutions for their solar purchase option. Not only will a solar system from us get you tax incentives, but you’ll receive a high-quality solar setup that will provide you clean, renewable energy and lower your electricity bills significantly.
Don’t delay in thinking about solar. Rebates for solar installation are only for a fixed amount of time. Contact US Energy Solutions for a complimentary energy audit today.