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 2020 – after that, the percentage will decrease periodically through the end of 2021.

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.

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

10 Awesome Solar Energy Facts You Should Know

10 Awesome Solar Energy Facts You Should Know

Solar energy is energy that radiates from the sun. The sun has produced this energy for over four and a half billion years. It is one of — if not THE — most important source of energy for all living organisms. Additionally, it is also a form of renewable energy unlike fossil fuels, which are nonrenewable and releases harmful emissions into the environment. Nonrenewable energy, by definition, are energy sources that cannot be replaced by natural means on a level that is equal to its consumption.

Here are 10 awesome facts about solar energy that might just surprise you:

1. It’s Now the Cheapest Energy Source in the World

Solar energy is a completely free and abundant source of energy, and is officially the cheapest form of electricity currently available.1 This development completely debunks the common myth that going solar is expensive. Not only is it the cheapest energy source in the world, but qualified homeowners can save money every month when a system installed on their roof or property with affordable financial products and solar energy rebates and incentives.

2. It’s Among the Cleanest Energy Sources

A main benefit of solar energy is that it is environmentally friendly and one of the cleanest, most sustainable renewable energies available to us. Solar energy, also referred to as Photovoltaic (PV) Energy, has no impact on the environment. Solar power is one of the most common forms of renewable energy, as well as one of the most widely studied. It requires little maintenance and is relatively easy to install.

5 Other Clean Renewable Energy Sources:

  • Wind
  • Water
  • Geothermal
  • Bioenergy
  • Nuclear

3. There Is Enough Solar Energy to Power Millions of American Homes

The demand for solar in the United States is higher than ever before. The US installed 10.6 gigawatts (GW) of solar PV capacity in 2017, totaling 53.3 gigawatts (GW) which is, according to SEIA studies, enough to power 10.1 million American homes.2 The total installed PV capacity is anticipated to more than double in the U.S. over the next five years, with over 15 GW of PV capacity expected to be installed by 2023.

4. It’s the Most Abundant Energy Source on Earth

Solar energy is the world’s most abundant resource. 173,000 terawatts of solar energy hits the Earth on a continuous loop — that’s more than 10,000 times the world’s total energy use.3 Switching to solar is the best way to combat any future energy crisis.

5. California Is the Leader of Solar Energy in the United States

California is America’s renewable energy pioneer, with over 11% of its total electricity4 coming from renewable energy like wind, solar, geothermal, biomass and small hydroelectric facilities. The Golden State has continually been the top state for total solar PV capacity, which shouldn’t come as a surprise.

6. It Helps to Preserve the Environment

While solar energy provides significant financial benefits — like electricity savings and increased property value — it also provides many substantial health and environmental benefits, which are equally as important. Additionally, switching to clean energy is a great option for homeowners that want to reduce their carbon footprint.

7. It Protects You from Rising Energy Costs

The electricity rates from your utility company are on the rise every single year, with data to back it up.

With the historical trend of electricity prices rising, you can protect yourself against soaring electricity prices by switching to solar and locking in predictable monthly rates. According to the U.S. Energy Information Administration (EIA), retail residential electricity rates have risen about 4% across the nation over the last 10 years.5

8. There Are Two Ways to Capture Solar Energy

Solar energy needs to be converted into solar power and ultimately, usable electricity. Solar panels do this by collecting the sun’s rays and converting the energy to electricity. There are two common methods used to harness the sun’s energy:

  • Solar photovoltaic systems are the most commonly recognized solar energy systems. Solar cells, also called photovoltaic (PV) cells, are encased in panels to convert sunlight directly into electricity. PV cells come in many sizes and shapes, ranging from 10mm by 10mm to 100mm by 100mm (the latter of which is the most common).
  • Concentrating solar power generates electricity from the sun by using mirrors and heliostats, which reflects sunlight onto receivers that are collected and converted into heat. “Thermal energy” as it’s called, can then be used to produce electricity.6

9. It’s Renewable

The energy from the sun is renewable, meaning it will never run out. Other energy source reserves, such as coal, petroleum, and natural gas, will eventually have its supply exhausted, which is even more reason to support the idea that solar is the energy of the future.

10. It’s Low Maintenance

Solar energy systems are incredibly durable and generally requires little maintenance. Most reliable solar panel manufacturers have a 20-25-year warranty. As an added benefit, if you lease or purchase your solar panel system from a financial provider, repairs and maintenance are the leasing company’s responsibility, not yours.

Sources:
1http://fortune.com/2016/12/15/solar-electricity-energy-generation-cost-cheap/
2https://www.seia.org/us-solar-market-insight
3https://sos.noaa.gov/datasets/energy-on-a-sphere/
4http://www.energy.ca.gov/renewables/history.html
5https://www.eia.gov/todayinenergy/detail.php?id=20372
6https://www.seia.org/initiatives/concentrating-solar-powerfacebooktwittergoogle-plusinstagramlinkedin

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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