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Use Solar Tax Credits to Lower the Cost of Going Solar in Largo, FL
If you are considering purchasing solar panels for your home, you may have heard that solar tax credits can be used to substantially lower the overall cost of your purchase. This article will help you understand how solar tax credits can be used, who is eligible and how you can take advantage of the greatest cost reductions by going solar this year.
At Momentum Solar, we are committed to helping homeowners in Largo transition to clean, solar energy. We know the decision to invest in solar is one that requires a lot of thought and planning. We are here to provide useful information about solar tax credits and financing options, as well as answer any questions you may have along the way.
What Are Solar Tax Credits?
Residents of Largo who wish to invest in solar panels are eligible for the Federal Solar Investment Tax Credit (ITC), which is the most well-known and valuable solar tax credit available today. The solar tax credit provides a credit at the end of the year in which you had solar panels installed.
By applying the solar tax credit, the cost of your system will be reduced significantly in the first year alone. These savings help you pay down your solar panels faster and allow you to enjoy a greater ROI from your system.
Are All Largo Residents Eligible for Solar Tax Credits?
The federal ITC is available for anyone who purchases home solar panels in Largo. You can claim the full value of the solar tax credit for your primary residence. You can also claim the solar tax credit for a second residence or vacation property, but its value will depend upon the amount of time you spend at that property. Solar tax credits are only available for those who purchase their solar panels, whether by paying in cash upfront or taking out a solar loan to finance the purchase. The solar tax credit cannot be used by those who obtain solar panels through a solar lease or solar Power Purchase Agreement (PPA).
When Will the Solar Tax Credit Expire?
The federal government has announced plans to end the solar tax credit and the step-down process has already started. In 2020, the solar tax credit is worth 26%. In 2021, the solar tax credit will be worth just 22% and, after that, it may no longer be available for residential solar installations. While there are lobbyists who are advocating for an extension to the solar tax credit, you are guaranteed to receive this credit if you switch today.
If you are considering purchasing solar panels for your Largo property in the next few years, we encourage you to accelerate those plans so you can take advantage of these valuable savings. We offer a number of solar loans, each with competitive rates and terms, to help you invest in solar panels sooner rather than later. We can provide you with information on our loan offerings during your free consultation.
Learn More About the Solar Tax Credit During Your a Free Consultation
If you are interested in going solar, we encourage you to schedule a free consultation with Momentum Solar today. During this initial meeting, we can give you more details about the solar tax credit and how much it will be worth to you. After the consultation, we will provide you with a custom quote for solar panels for your Largo home and the solar financing options available to you.
Please contact us today – our team is looking forward to speaking with you!
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