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Lower the Cost of Going Solar with Solar Tax Credits in Safety Harbor
If you are considering purchasing solar panels for your Safety Harbor property, you need to know about the federal government’s Solar Tax Credit (ITC). This incredible incentive grants a 26% discount on the upfront costs of solar panels for your home and is the most valuable solar incentive available right now.
At Momentum Solar, we are committed to helping our customers get a top quality solar system at the best price. One of the ways we can help you save is by providing the latest information on solar tax credits and other incentives. This article explains how solar tax credits can help you lower the upfront costs of a residential solar system.
How Solar Tax Credits Work
For 2020, the solar ITC represents a 26% savings on the overall cost of your solar panels. The refund is granted as a dollar-for-dollar reduction on your federal income tax liability. When you purchase panels, you will be able to deduct thousands from your income tax at the end of the year.
- You plan to purchase solar panels for your primary residence
- You will pay for your solar panels in cash or with a solar loan (the solar tax credit cannot be applied to those who get solar panels through a solar lease or PPA)
- You install solar panels before December 31, 2022
If you wish to install solar panels at a second residence or vacation property, you may be able to claim a portion of the solar tax credit. The amount you can claim is based on how much time you spend at the property. We can help you calculate this amount during your initial consultation.
Use It or Lose It – the Federal Solar Tax Credit Expires Soon
Unfortunately, the federal ITC will not be available forever. The government has already begun phasing out the program by lowering the value of the tax credit. In previous years, homeowners could claim a credit worth 30% of the cost of their system. In 2020, the value of the credit has been lowered to 26%. In 2021, the final year in which the solar tax credit will be available to residential solar systems, the credit will be worth just 22%.
Since solar tax credits are such a valuable incentive, many homeowners in Safety Harbor are looking for ways to purchase solar panels within the next two years so they can take advantage of the tax credit before it expires. If you don’t have the cash available to purchase home solar panels this year, you may wish to consider taking out a solar loan to make the purchase this year or next. At Momentum Solar, we offer our customers several solar loans, each with competitive rates and terms. If you are interested in our solar loans, we can provide this information to you during your free solar consultation.
Schedule a Free Consultation with Safety Harbor’s Leading Solar Installer
We expect to see a sharp increase in solar installations in Safety Harbor as the expiration date for the solar tax credit approaches. If you want to take advantage of the solar tax credit before it expires, we encourage you to request a free solar consultation with Momentum Solar today. Our team will help you understand how much money you can save with the solar tax credit and which financing options can help you achieve your goals faster. Please contact us today to get started – our team is looking forward to hearing from you!
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