Last Updated: May 6th, 2020 at 2:14 pm
Read Time: 2 Minutes
Monday marks the final day to file your income taxes, and many of you probably noticed in filling out this year’s forms how personal exemptions have been eliminated and itemized deductions have been limited.
These things may have significantly changed how much you’re getting back from the federal government. In other cases, you may be paying back money. If you happened to be hurt by the new tax laws, one thing that won’t be changing for 2019 is the tax credit on newly-installed solar systems. Provided you are eligible for the tax credit, you can save up to 30 percent of the cost of your solar system. That means that a $25,000 system may end up costing you $7,500 less. It’s important to check with your tax professional for eligibility, as POWERHOME SOLAR cannot offer tax advice.
But time is running out
2019 represents the final year where homeowners can claim this 30 percent federal tax credit. That credit will be reduced to 26 percent in 2020, and 22 percent in 2021 before being eliminated altogether. So when we say to potential solar customers that 2019 represents the best chance to get the best value on a solar system, we mean it. As long as your solar system is installed by Dec. 31, it will count toward your taxes for 2019.
We know some may be more inclined to wait for the price of solar to drop further, or for the efficiency of solar panels to increase. Thing is, the price of solar already has decreased 70 percent since 2010, and the efficiency of panels are at an all-time high now. It’s incredibly unlikely that solar panel prices drop by more than 8 percent over the next two years, or that the efficiency of panels will become that much greater to offset the tax credit. Put simply, we fully believe the time to go solar is now, and POWERHOME SOLAR wants to help you get there.
Why work with us
POWERHOME SOLAR is the No. 1 residential rooftop solar provider in seven states, including Indiana, Michigan, North Carolina, Ohio, Pennsylvania, South Carolina and Virginia. We’re proud of the way we save customers money on their electric bills, and we’re also very proud of the value of bringing clean energy to our environment, when power companies generate most of their power through dirty, fossil-fueled sources.
For more information on how your home can benefit from solar, please call us at 800-765-2715, and one of our associates can see if you and your home qualify. Not everyone can get solar, but for those who qualify, it is a great way to save money and help reduce your carbon footprint.