SunPower Tax Season Solar Rebate Promotion
March 13, 2019
It’s tax season, which is the time of year most of us figure out how much we owe the federal government or how big our refund will be. Did you know that home solar panels can be an effective way to offset your tax liability while reducing your monthly energy bills?
2019 is the last year to claim the 30% solar tax credit. To accelerate the adoption of solar this year while the economics of going solar are most favorable to homeowners, SunPower has announced a $1,040 manufacturer’s rebate just in time for tax season. This solar panel rebate is available through April 15, 2019 for customers who sign a contract to install SunPower’s X-series panels.
About the Federal Tax Credit for Solar Panels
The federal Investment Tax Credit (ITC) enabled homeowners and businesses to save 30% off the total cost of their system if it was installed and interconnected in 2019.* The tax credit can also be claimed for solar battery backup, such as the Tesla Powerwall.
The ITC began a 3-year step down in 2020 when it was reduced to 26%, which equates to a 13% reduction in the value of your tax credit. For example, if the cost of your home solar panels is $30,000, you would have received a tax credit of $9,000 if the system was installed in 2019 but only $7,800 in 2020.
The tax credit is scheduled to step down again in 2021 to 22% and to no longer be available for residential solar panels starting in 2022.
For businesses, the solar tax credit follows the same schedule except that it will be reduced to 10% in 2022 and remain at 10% thereafter.
UPDATE: As of December 2020, the U.S. Congress appears set to extend the step-down schedule by two years in the ombinus spending and covid relief bill. If the current bill becomes law, the tax credit will remain at 26 percent through 2022, decrease to 22 percent in 2023, and then drop to 10 percent for commercial projects and 0 percent for residential projects starting in 2024.
There is no limit to the size of the credit you can claim, but you must have a tax liability to offset with the credit.
About the SunPower Tax Season Rebate
To celebrate the final year of the 30% federal tax credit on solar purchases, SunPower is offering a special rebate for one month only. For a limited time, you can receive a $1,040 mail-in rebate** with the purchase or lease of a SunPower® Equinox™ system with X-Series panels, one of the most efficient panels on the market.***
How to claim your $1,040 mail-in rebate:
- Purchase a SunPower Equinox® home solar system with X-Series panels
- Sign your contract by April 15, 2019
- Complete and forward the rebate form with attachments within 90 days of receiving the final invoice
How to Get Lower Cost Solar Panels This Year
If you have been on the fence about going solar, or if you want to spread more solar in Texas by referring your friends or colleagues to us, now is the time to get started!
* Tax credits subject to change. Consult your tax advisor regarding the solar tax credit and how it applies to your specific circumstances. Please visit the dsireusa.org website for detailed solar policy information.
** Rebate Terms: Must purchase or lease SunPower Equinox system with X-Series panels and sign SunPower and/or Freedom Solar solar purchase contract, lease agreement or loan agreement for system on or before April 15, 2019. Before rebate costs will vary depending on system specifications. Cannot be combined with other offers. Only available to new, first-time customers. May not be applied to quotes on existing proposals or past purchases. SunPower rebate form must be completed and returned to SunPower within 90 days of the final invoice date.
*** Based on survey of datasheet values from websites of top 20 manufacturers per IHS, as of January 2019.