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December 24 2020
You probably already know that making the switch to solar energy can be great for the environment, but did you know that it could be a great financial investment as well? Investing in solar energy can be a true win-win situation, allowing you to make a choice that is ecologically friendly and saves you money in the long run. Once installed, solar energy pays dividends by reducing the amount of money you have to spend on your utility bill. In fact, you may even be able to make some money of off your solar energy by selling any unused energy to your local utility service. Ready for some even better news? If you are able to take advantage of the solar federal tax credit 2020, you will be able to install solar energy in a way that has even more financial benefits than anticipated.
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The investment tax credit for solar power is an incentive to help people save money when they make the switch to solar energy. As it stands now, taking advantage of this tax credit in 2020 means that you will be able to deduct 26% of the cost of installing a new solar energy system from your federal taxes. This can make the overall process of installing a solar energy system much more affordable and accessible, especially to those looking to install a residential solar energy system. However, something important to know about the IRS safe harbor rules solar, is that this tax credit will be dropping to 22% in 2021 for residential and commercial solar energy systems. Even more crucial to know, is that this tax credit plummets to 10% in 2022, and will only be available to commercial solar energy systems. Clearly, in order to maximize affordability, it is prudent to start the installation of your solar energy system as soon as possible!
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