How To Apply For Federal Tax Credit

There has never been a better time to switch to solar!

Due to federal and state incentives, qualified homeowners can lower their monthly electric bills with solar energy for no money out-of-pocket. Your tax credit may qualify for up to 26% of the cost of your solar equipment when you install solar panels or solar water heating system. This opportunity is only available through the end of 2022 – after that, the percentage will decrease periodically through the end of 2023.

How Solar Tax Credits Work

A solar tax credit is the amount of money that taxpayers can subtract from the taxes they owe to the government from the previous year. If you made a solar investment that was approved by the government during that last year, you would be able to deduct that amount when you file your taxes with the government. All products that are eligible for tax credits for residential energy efficiency are labeled with an Energy Star certification.

How To Apply For Federal Tax Credit

When you file your taxes, make sure to fill out form 5695. This form can be applied only to residential properties.

Download form 5695
Instructions for Form 5695

How Solar Rebate Works

Solar rebates work differently than tax credits. In fact, rebates can help you can get cash back into your hands sooner! While there are no federal rebates for energy-efficient purchases at this time, many state governments, local governments and utility companies offer cash rebates for the purchase of energy-efficient products. Some manufacturers offer specials and sales that make it easier to power your home with renewable energy.

How to Apply For Solar Rebates

The solar rebates vary from state to state, and the actual offer updates frequently. To find out what discounts available to you, please reach out to one of our representatives at 1-888-666-3699 or complete the inquiry form.

Why Solar Energy Is a Major Advantage for You

Solar system installation to Connecticut residentsIt always pays to be prescient when it comes to new technology; and today in 2019, the advancement of solar energy is no different. Look at it this way: over the last decade, the cost of a residential solar installation has fallen over 70%, while the size and variety of tax incentives for their purchase have only increased. Whether you live in Hartford County, CT, or any of a number of states throughout the US, you’re poised to win by investing in solar energy now.

One Benefit of Solar: It’s As Clean As Energy Gets

Slowly but surely it’s been dawning on the inhabitants of Planet Earth that we need to migrate away from our dependence on fossil fuels to sources of clean and renewable energy. Nothing less than a major rehaul will allow us to avert a climate catastrophe and survive as a civilization past the 21st Century. But alarming as all that sounds, the answer is as simple as it is glaring: drawing that energy from the Sun. Unlike fossil fuels, which cost capital to extract, and harm the environment in the process, solar has the advantage of producing no pollution of any kind, and being more or less infinite in supply.

Autonomy Over Your Electricity: a Perk of Solar Energy

Here’s perhaps the most joyous part of going solar in 2019: independence and autonomy over your utilities. We’ve all experienced the financial pinch of a harsh summer or winter; and while solar energy won’t always get you completely off the grid, it’s honestly as close as it gets. As power outages and extreme weather becomes more the norm, solar energy gives you the advantage of a home that’s equipped to handle any situation.

Installing and Maintaining a Residential Solar Energy System

As far as sources of renewable energy go, solar’s one of the easiest both to install and to maintain. While wind and geothermal requires elaborate drilling, solar energy can be installed without the use of any wires, cords or additional power sources. Incredibly minimalistic and self-sufficient, a residential solar system can seamlessly blend into any home, and go without a single repair for decades. Batteries have also substantially dropped in price, making solar energy even more advantageous and affordable for the average homeowner.

The Real Advantage to Solar Energy: Tax Breaks and State Rebates

Who doesn’t love the idea of being rewarded by the government for investing in their own home? Aside from the fact that a solar energy system will add substantial value to your home, it’ll also qualify you for rebates, loans and tax exemptions if you live in a progressive area like Hartford County, CT. States are eager to push their residents to take advantage of solar energy now, because of what it yields and symbolizes. But the immediate benefit to you: thousands of dollars in your pocket, and the reassurance that your neighbors have every reason to do the same.

About Momentum Solar
Momentum Solar, founded in 2009, is a top solar contractor and Inc. 500 fastest-growing private company. Momentum Solar manages the entire customer life cycle from the sale to design, engineering, permitting, installation and activation of the system to make the process simple for homeowners and business owners.

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Reasons Why Now is the Time to Go Solar

Solar energy is the wave of the future – not only because of its undeniable environmental benefits, but for its financial ones as well. Federal and state incentives will be decreasing at the end of 2020, making today the best time to invest in solar energy. If you’re looking for a way to save money while eliminating your carbon footprint, then now is the time to go solar!

What is Solar Energy?

Solar power is harnessed energy from the sun that is converted into thermal or electrical energy. It’s the cleanest and most abundant resource in the world because sunlight is natural and replenishable. Fossil fuels, like coal and oil, are finite and harmful to the atmosphere due to their contribution to the greenhouse effect.

Why Should I Go Solar?

It’s environmentally friendly: As previously mentioned, sunlight is the cleanest source of energy due to its natural abundance. Solar energy has virtually no environmental impact and reduces carbon emissions, ultimately improving air pollution. Green energy is also more self-sufficient than fossil fuel, since solar energy is generated nearly everywhere, whereas fossil fuels are mainly imported from other countries.

It’s a good investment: Contrary to popular belief, solar energy can save you money on your electric bill in the long run! Additionally, a study conducted by the Lawrence Berkeley National Laboratory in California concluded that buyers were willing to pay $15,000 extra on homes with solar panels [1]. If you’re worried about your taxes, don’t! Most states do not increase property taxes on homes using solar energy.

You’ll receive tax credit: The federal solar tax credit, also known as the investment tax credit (ITC), allows solar energy owners to deduct 26% of the cost of installing the solar system from their federal taxes. It is one of the most critical incentives for clean energy in the United States implemented by the federal government today. Since solar energy is growing across the country, the long-term stability of this policy has allowed businesses to lower costs gradually.

The federal solar tax applies to both residential and commercial systems – every user that owns their systems, as opposed to renting them, qualifies for this deduction. This credit can be applied to personal income taxes that would otherwise be payed to the federal government.

Why Now?

Residential and commercial solar energy system owners can deduct 30% of the cost of installation for systems that have begun construction through 2019. The ITC then decreases as depicted by the following timetable:

  • 2020 – 26%
  • 2021 – 22%
  • After 2021 – 10% permanently

Taxpayers will receive the most out of their tax credit if they invest in solar energy today! Solar energy is both a smart investment for your long-term financial goals and the best choice for the environment.

If you want to reduce your monthly bills, reduce your annual taxes and help improve the environment then solar energy may be right for you. Visit our website at momentumsolar.com or call 1-888-MOMENTUM for more information.

Solar Energy: Myth vs. Fact

For some homeowners, solar energy can be an overwhelming subject – especially when you don’t have all of the facts. Does solar energy really save you money? What about when it comes time to sell your home? And is the maintenance manageable?

While there’s plenty of confusion circulating online, we’re here to break down the truth about solar energy. So, forget your Facebook timeline and ignore the Internet garbage, let’s debunk some of the most famous solar myths together!

Myth #1: Solar Lowers Your Home’s Value

Fact #1: Solar Dramatically Increases the Value of Your Home

Even though critics of solar say rooftop panels are an eye-sore, research says otherwise. Studies[1] show potential homeowners are more likely to put an offer down on a house that already has solar panels installed. This means your house may sell faster and for a higher price than the average home.

Myth #2: Solar Doesn’t Work in Certain Climates

Fact #2: Solar Works in Every. Single. Climate.

The one thing solar panels need to generate power is, as one might expect, sunshine. This means the heat emitted by the sun’s powerful rays are irrelevant when producing solar energy. Your solar panels can produce the same level of energy on the chilliest of winter and sweltering summer days (as long as there’s sunshine). Surprisingly, solar panels also work during cloudy or rainy days!

Myth #3: Going Solar Breaks the Bank

Fact #3: You Can Save Tons of Money After Going Solar

Besides saving the environment, you can rest easy knowing solar energy can also save you money on your monthly energy bill. The best part is, well-qualified homeowners can lower their energy bill through solar installation with no money out-of-pocket. If you’re not sold yet, keep in mind recent research suggests the average American home can save up to $100 a month with solar energy.[2]

Myth #4: Solar Panels = Too Much Work

Fact #4: Solar Panels Require Little Maintenance

Residential solar panels only need to be cleaned a few times a year. And if you’re not the tidying type, don’t worry! Cleaning simply entails washing dust and dirt off the panels with a standard garden hose. This easy task often takes less than 15 minutes (depending on the size of your solar panel system) and ensures you’re producing at peak levels!

The Cold, Hard Truth

Solar panels not only save you money, require little maintenance and work like new no matter the weather, but they’re also environmentally friendly. Solar energy is a clean, renewable resource, that has the power to positively impact our lives. According to Science Direct[3], “Solar energy is one of the cleanest forms of energy sources and considered as a green source of energy. Solar energy benefit ranges from low carbon emission, no fossil fuel requirement, long term solar resources, less payback time and other.”

The verdict is in: solar energy is great for your home, wallet and the environment! Click here to start your Momentum Solar project today.

[1] https://www.fastcompany.com/90375536/what-most-americans-are-looking-for-in-a-new-home-solar-panels

[2] https://energyinformative.org/solar-energy-pros-and-cons/

[3] https://www.sciencedirect.com/science/article/pii/S1364032114007734

How is Solar Energy Made into Electricity?

How is Solar Energy Made into Electricity?

Solar energy is booming across the United States and all around the world. In fact, a recent study released by the Environment America Research and Policy Center found that solar power more than doubled in most major U.S. cities over the last six years. In addition, several cities like Las Vegas, Nevada and Dallas, Texas saw their solar power more than quadruple.

Even though communities are flocking toward solar energy, and more people than ever are installing solar panels on their homes, many are in the dark about the technology that makes it possible. Fortunately, you don’t have to be a rocket scientist to understand the process of converting solar energy into electricity.

There are four basic principles to converting collected solar energy into usable electricity:

  • Step One: Absorbing the Sun’s Powerful Rays

    We’ve all felt the warmth of the sun on our skin. This sunlight is actually measurable, usable energy – and, once your solar panels are installed, they can begin to harness this abundant natural resource! Our design team purposefully places your panels on the sunniest part of the roof to capture as much energy as possible.

    As soon as sunlight hits the panels, the energy travels into an inverter beneath the solar panel, runs down the side of the house (via a neatly laid conduit) and into a combiner box.

  • Step Two: Your Solar Inverter Converts DC Power to AC Power

    Momentum Solar’s microinverter converts your power from DC to AC, which is what we use inside the home. This is also the type of energy our appliances and electronics depend on for power.

  • Step Three: Electricity Begins to Flow Through Your Home

    Traditionally, your current electricity meter likely only spins forward. After partnering with Momentum Solar, your dedicated solar specialists will work closely with your utility company to replace your meter with a bi-directional meter. The bi-directional meter tracks when you use and produce energy. This process is called net-metering and is essential to banking excess power.

  • Step Four: Your Excess Electricity is Fed Back to the Electric Grid

    After installing your solar panel system, you may find that your home produces more electricity than it consumes during the day. This excess electricity is fed back to the grid and, at night time, when your system is no longer producing power, you can pull power seamlessly from your utility company without being charged for it. This “banking” process applies for rainy, snowy and cloudy days as well. In short, the more energy your system produces, the less you’ll have to pay for the utility company’s power!

Not only is solar energy a cost-effective choice, but it’s also a wonderful way to help the environment and reduce your carbon footprint. Compared to traditional “dirty” energy, solar power dramatically cuts carbon emissions, improves water quality and provides millions of homeowners with a completely sustainable form of energy.

If you’d like to learn more about solar energy, please click here to receive your no-obligation quote.

Sources:
1 https://environmentamerica.org/news/ame/new-report-finds-solar-power-more-doubled-most-major-us-cities-over-past-six-yearsfacebooktwitterinstagramlinkedin

Solar Energy Incentives to Take Advantage of Today

Solar Energy Incentives to Take Advantage of Today

Solar energy delivers positive environmental impact, contributes to our nation’s energy independence, and provides more jobs than the coal industry, and upstream oil and gas sectors in the United States.1 To encourage the continued expansion of solar, the government, utilities and other organizations, such as The Solar Foundation, in the US offer solar tax breaks and financial incentives to make solar more accessible for today’s homeowners and businesses.

Federal and state solar energy incentives make investing in residential solar more affordable than ever. Here are some solar energy incentives you could take advantage of today that will provide significant savings for your efforts:

How to Take Advantages of Solar Energy Rebates and Incentives

Solar energy systems have a great reputation for offsetting the cost of its installation through its energy savings. But there are also many types of solar energy rebates and incentives you can take advantage of, which can vary by state. Here are some of the most common.

1. Tax Credits

A tax credit2 is an amount of money that taxpayers can subtract from the taxes they owe to the government. Tax credits are claimed when you file taxes from the previous year. If you made a solar investment that was approved by the government in that previous year, you would be able to deduct that amount when you file your taxes with the government. All products that are eligible for tax credits for residential energy efficiency are labeled with an Energy Star certification.3

2. Rebates

Rebates, on the other hand, work differently than tax credits by getting cash back into your hands more quickly after you switch to solar. While there are no federal rebates for energy efficient purchases at this time, many state governments, local governments, and utility companies offer cash rebates for the purchase of energy-efficient products. Some manufacturers offer specials and sales that make it easier to power your home with clean, renewable energy.

Solar Energy Financing

In addition to the advantageous rebates and solar tax credits, there are also financing and power purchase agreement (PPA) options available that are making solar cheaper than ever before. Since 2010, the cost of solar has dropped about 1/3 and is outperforming coal and gas.4 Today, you can even go solar with zero out-of-pocket expenses, which is a great option for individuals who are strapped for cash but want to go solar.

What is the EPA’s Energy Star Program?

A great way to get your energy savings started is through the U.S. Environmental Protection Agency Energy Star program. The EPA’s Energy Star Program5 is a voluntary program that helps homeowners save money and protects our climate through superior energy efficiency products.

Federal Solar Incentives

When doing your research about solar panels, you probably came across the federal solar incentives investment tax credit (ITC), which was implemented in 2006. This tax credit allows you to claim up to 30% of the price you paid to install solar panels when you file your taxes, which cuts the cost of going solar significantly. Sadly, unless the policy is reinstated, this federal investment tax credit is set to expire December 31, 2021 with a gradual step down each year in the credit value.

Solar Energy Rebates and Incentives by State

In addition to the great federal solar incentives, many states offer additional tax credit and rebates. There are currently several states with rebates and incentive programs that you can receive to help you pay for your new solar system. Furthermore, there are various programs that will help you offset the cost of your solar energy system and the cost of making your house greener. For the most up-to-date list of all energy incentives for your state, visit the Database of State Incentives for Renewables and Efficiency.6

Sources:
1https://truthout.org/articles/doe-report-solar-creates-more-us-electricity-jobs-than-oil-gas-coal-nuclear-combined/
2https://www.investopedia.com/terms/t/taxcredit.asp
3https://www.energystar.gov/about/federal_tax_credits
4http://fortune.com/2016/12/15/solar-electricity-energy-generation-cost-cheap/
5https://www.energystar.gov/about
6http://www.dsireusa.org/

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Solar Is Now the Cheapest Form of Electricity

Solar Is Now the Cheapest Form of Electricity

New year, better energy: According to multiple news reports from data collected over the previous year, solar power is officially the cheapest form of electricity worldwide, which is great news for the environment today and for future generations.

According to Bloomberg, the cost of solar in 58 “emerging market economies” has dropped about 1/3 since 2010, and it is outperforming coal and gas. That said, it’s expected that within the next decade, fossil fuels for electricity will reach its’ peak and start a decline, while solar continues to climb — with a projection that 68% of new electricity capacity will be generated from the Sun within 25 years.

Solar, wind and natural gas will make up the majority of new capacity “additions” to electricity usage for the foreseeable future, a reason being that it’s not only very expensive to build new fossil fuel plants but that they are pricey to maintain. In fact, in many places, the entire lifetime of installing and using wind and solar is still less than just the cost of building fossil fuel plants — and by as early as 2027, the cost of building wind and solar fields will even often be less expensive than just running current coal and gas generators.

The common myth that “solar power is expensive” is officially debunked with clear data showing exactly the opposite. Not only is it now the world’s cheapest form of electricity, but qualified homeowners and business owners can save money every month when they get a system installed on their roof or property. There are additional incentives available for purchased systems.

What would you do with some extra cash in your pocket? Save up for a new car? Take your family on vacation? Pay down that credit card bill? Maybe within a few years you can finally install the pool in your backyard … the possibilities are endless!

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