green energy

Everything you need to know about the 2019 Solar Tax Credit.

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

3 Steps to find out if Solar is right for you!

Three Steps to find out if Solar is right for you!

As we watch our electricity rates rise, and the cost of solar panels decrease, solar installation seems like the obvious choice for most homeowners. Besides being the environmental and green choice the key question remains: Will switching to Solar save you money? We outline some simple steps to take to analyze if solar panels make sense for your Colorado home.

Step 1

The first step is to take a good look at your electric bill. Solar panels generate their own power, and have the potential to greatly reduce or even completely eliminate your monthly electric bill. The higher your electricity bill, the more likely you will benefit from a switch to a solar power system.

Step 2

The second step is to evaluate your homes sunlight exposure. In Colorado, we benefit to over 300 days of sunshine annually. This makes our state a prime candidate for great solar potential. Take a look at how your house is oriented towards or away from the sun. Do you have a roof that would lend itself well to solar panel installation? You can use the Solar Estimate Calculator to estimate the efficiency of solar panels in your area. You must simply enter your address, utility company and the average cost of your monthly energy bill.

Step 3

The third and maybe most important step is to look for Incentives. The government offers homeowners significant incentives for installing solar panels as an alternate energy source. For example, a residential federal tax credit allows taxpayers to claim 30% of installation costs for systems placed in service by Dec. 31, 2019. The credit dwindles to 26% in 2020 and 22% in 2021, and expires Dec. 31, 2021.

Overall, the amount you pay for the loan to purchase the system is close to the amount you are currently paying for your electricity. Every home is different, but there are plenty of options to find the path that works best for you. It does not end up being a large up-front cost.

Call Go Green Electric Inc today for more information. (303)731-5198