April 06, 2020
Back in 2005, the Energy Policy Act created incentives to promote solar energy and support our country’s transition to renewable energy. While these incentives were supposed to end in 2007, the benefits of this Act can still be felt today, especially by homeowners. Today, our team at The Solar Store is sharing what the federal tax credit is, and how you can take advantage of it for your very own solar installation.
The federal solar tax credit, also known as the investment tax credit, was built to save home and business owners on the upfront cost of solar. For 2021 and 2022 homeowners can receive a tax credit of 26% deducted from the cost of their system. There is language about further incentives for solar in the new spending bill. We will have to pass it to see what’s in it!
You don’t need to jump through a ton of hoops to qualify for this tax credit either. As long as you own your solar energy system, you are eligible. When you file your federal tax return, speak to your accountant about form 5695, which will validate your renewable energy credits.
With over 60 years of experience, The Solar Store has been providing southern Arizona exceptional value on solar services. We believe solar solutions are not only better for the environment but for your bottom line as well.
3 ways solar can save you money:
If you’re curious about the upfront cost of installing solar for your home or business, call our team of experienced solar professionals. We will work with you to understand your property’s needs and offer you customized solutions to guarantee your solar panels are perfect.