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Act Now to Save 26% on Solar Panels in Maitland, FL
For several years, one of the ways that homeowners have been able to dramatically reduce the overall cost of their residential solar system is through the use of solar tax credits. This incredible incentive from the federal government can be used by nearly any homeowner who is purchasing solar panels in Maitland for their primary residence. Unfortunately, the federal government has already begun implementing plans to phase out this popular incentive, indicating that it will be no longer available after the close of 2021.
As one of the leading solar installers in Maitland, Momentum Solar is committed to helping Maitland residents achieve their dream of going solar for the best price possible. When you choose to work with our company, we will help you understand how to use solar tax credits to lower the overall cost of solar panels for your home. The time to act is now, while this valuable incentive is still available.
How Much Can I Save with Solar Tax Credits in Maitland?
In 2020, you can use the federal government’s solar Investment Tax Credit (ITC) to reduce the overall cost of your residential solar system by 26%. In Maitland, the average cost of solar panels is around $26,000, so applying the solar tax credit in 2020 will reduce the cost of your system to just $19,240. From 2021, the solar tax credit will be reduced to 22%, so savings will be less. After 2021, the solar tax credit will no longer be available for residential installations.
How Do Solar Tax Credits Work?
When you use solar tax credits to lower the cost of your residential solar system, you will receive the savings in the form of a rebate on your federal income taxes. If your solar system costs $26,000, you will have your income tax liability lowered by $6,760. For those whose tax liability is lower than this, the excess amount can be applied to future tax years.
Am I Eligible for the Solar Tax Credit?
One of the reasons the solar tax credit has been so successful is that nearly all homeowners who are investing in solar panels for the first time are eligible for this incentive. You may use solar tax credits if you meet the following requirements:
- The solar tax credit will be used for solar panels for your primary residence.
- You may use the solar tax credit to lower the cost of solar panels for a second property or vacation home, but the discount will be reduced based on the amount of time you spend at this property.
- You will purchase the panels, rather than acquire them through a solar lease or PPA.
- You install your residential solar system before December 31, 2022.
Thanks to these relatively simple requirements, the great majority of our residential customers are able to use solar tax credits to lower the cost of their systems.
A Solar Loan Can Help You Go Solar Sooner
Many of our customers want to invest in solar panels for their Maitland home before the solar tax credit expires. If you don’t have the cash available to purchase your panels upfront – or you don’t wish to use your savings in this way – a solar loan might be the right choice for you. At Momentum Solar, we offer several loan options to our customers, each with competitive rates and terms. By choosing to take out a loan, you can begin enjoying the benefits of solar sooner, and take advantage of solar tax credits before they expire.
To learn more about our top-rated solar installations, we encourage you to contact us today to schedule a free consultation. Our knowledgeable team can give you all the information you need to leverage solar tax credits before they expire. During the consultation, our solar installer will take the time to assess your property so we can provide you with a customized quote for your solar project. Just contact us today to get started – our team is looking forward to hearing from you!
Find Out if Switching to Solar is Right for You
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