Solar panel systems look promising but daunting at the same time. It’s a big commitment, and that commitment is made easier by two things: our financing options, and the 30% tax credit offered by the US government.
First Let’s Talk About Tax Credits vs. Rebates
Tax credits, which is what we’re discussing here, offer a credit in your annual tax reporting, like an Earned Income Credit (EIC). These dollar for dollar directly reduce the tax you owe the Federal government, unlike a deduction which just reduces your taxable income. The entire system must be installed and become operational in the same calendar year to be eligible for a tax credit during your next filing.
Rebates are awarded at the time of the installation and reduce the amount you pay for the system. Rebates often cite specific dollar amounts, not percentages based on the overall price of the system you purchase.
Tax Credits are Available through 2034
The current tax credit is 30% of the total installation price. You can continue to roll over unused portions of your credit provided that the solar tax credit is still available. The federal tax credit for solar panels is currently in effect until 2034, although it will be reduced to 26% in 2033 and 22% in 2034.
If you own multiple properties, like your primary residence and a vacation home, and you install solar panels on both, you can claim the credit for both arrays. This is extremely valuable, especially when you consider the ongoing savings on your energy bill to bring down your annual expenses as a homeowner.
Financing Can Help
Installing a solar panel system is a big commitment, and it’s not always feasible to dig into your savings account to install one. We offer financing options so you can go solar, lower your monthly utility costs, and keep your nest egg at the same time. Going solar is a major home upgrade that we make simple without a major upfront cost.
It’s Time to Make the Leap to Solar
Don’t wait to go solar–you could begin saving money before you know it, nearly sever your reliance on the energy grid, and reduce your carbon footprint all at the same time. With our financing options available, it’s never been easier to make the switch to renewable energy for your home.
Our team of Home Performance Experts has served the I-5 corridor from Blaine to Marysville, Oak Harbor to Concrete, and the San Juan Islands since 1972 with a mission of Improving Lives™. We look forward to serving you too! Contact Solar by Barron today for solar installation.