Solar and Taxes- Saving Even More Money
26% TAX CREDIT FOR GOING SOLAR THIS YEAR? With tax season approaching fast there isn’t a better time to be up to date on an incredible tax credit that you could be eligible for by switching to solar. The Investment Tax Credit, also known as the Federal Solar Tax Credit or the ITC, allows the consumer of a solar energy system a 26% credit of the final cost of their solar installation to their federal taxes. This fantastic tax credit applies to both commercial and residential solar installations. This federal incentive to go solar helps homeowners and business owners to save even more money by switching to clean, green, renewable energy. There is no ceiling to how much the ITC can save you this year! This amazing program was established in 2005 by the Energy Policy Act and was expected to end in 2007. The popularity of solar energy and the support in the ITC resulted in Congress extending the expiration date multiple times. Now, the investment tax credit is set to expire in 2021. From 2016 through 2019, the investment tax credit was at 30%. In 2020, the amount is 26%- and it’s expected to go down. In 2021, the ITC is expected to fall to 22%! Now is the best time to act and go solar to take full advantage of this benefit. Orbit Energy & Power encourages you to ask your accountant this tax season to see how you can obtain this 26% tax deduction on your federal taxes before it expires! Don’t miss out! For more information on the Solar Tax Credit, check out the infographics below, or call and schedule a free consultation with a solar expert!
Here‘s another overview of how the tax credit can benefit you!