What is the Solar Tax Credit, and how does it apply to me?
Are you ready to finally go Solar? We are sure you’ve heard of solar and green energy incentives, but never really looked at how exactly the solar tax credit could benefit your life. We are here today to answer those questions once and for all. As a Colorado resident you already benefit of over 300 days of sunshine per year. Why not take advantage of all the beautiful renewable solar energy and also have the federal government give you back 30% of the cost of installing your solar panel system.
The federal solar tax credit, also known as the investment tax credit (ITC), allows you to deduct 30 percent of the cost of installing a solar energy system from your federal taxes. The federal solar credit to both your residential and commercial systems, and there is no limit to how much you can spend and therefore get back. According to the Energy Sage the average solar customer saved over $5,000 on the cost of going solar last year. To take advantage of the full savings make sure to contact us today, because 2019 is the LAST year to earn the full 30% Solar Tax Credit, so make sure to schedule your Go Green Solar Estimate today!
Do I qualify for the solar panel tax credit?
As long as you OWN your solar energy system, you are eligible for the solar tax credit. According to Energy Sage even if you don’t rack up enough tax liability to claim the entire credit in one year, you can “roll over” the remaining credits into future years for as long as the tax credit is in effect. However, remember that if you sign a lease with a solar company, you are not the owner of the solar panel system, and thus you cannot receive the solar tax credit. It is in your best interest as a home or business owner to own your solar system out right in order to take advantage of all the benefits. To look into solar financing options Go Green Electric a call at (303)731-5198.
How do I claim the solar tax credit?
You claim the solar tax credit when you file your yearly federal tax return. Make sure to let your accountant know that you went solar in the last year. Call or Contact us today, and we can answer all your questions in regards to your