The Federal Solar Investment Tax Credit (ITC) is a powerful tool that helps you save with a new solar photovoltaic (PV) system. The ITC is a 30 percent tax credit, with no cap, that helps make solar more affordable for homeowners and business owners. When you install solar panels at your home or business, 30% of the cost comes back to your bottom line as tax savings.
You can recognize the tax benefit of a new solar solution on your 2017 tax return if your system is installed and turned on before the end of the year. Solar projects completed after December 31, 2017, will delay savings by a year. It can take about 60 days to obtain the necessary approvals and inspections, install the system, and energize it. So it is important to start the process during the month of October in order to use the tax credit this year. Freedom Solar makes it easy for you with our 7 Steps to Solar process, and our customers tell us that we deliver on our promises.
If you’re excited about making your own clean energy and you want to maximize your financial benefit, it’s time to get a free, no-obligation consultation from one of our energy consultants.
The ITC itself will not be around forever. It was set to expire in 2016, but Congress extended the 30% credit through 2019. After 2019 the credit for homeowners will decrease until it disappears in 2022, and the credit for businesses will remain at only 10%. Learn more about the ITC from Energy Sage and the Solar Energy Industries Association (SEIA).
If you’ve been thinking about going solar and you want to reduce your tax burden as you lower your electric bill with solar, get started with Freedom Solar today!