13 Oct Will the Federal Solar Tax Credit Be Renewed?
One of the best aspects about solar power in the past few years has been the fact that our customers can earn a large chunk of the costs of their solar panel system back. The way this is all possible is through the Federal Solar Tax Credit. However, it is so important for us to always remind our potential customers that the Federal Solar Tax Credit is not going to last forever. Once the nation’s quota has been met, this Federal Solar Tax Credit will disappear. So, in order to see how beneficial it is to install solar while this is still in place, let’s dive into what the Federal Solar Tax Credit is.
Federal Solar Tax Credit
Each state has a multitude of incentives for switching to solar. One of the main incentives is the Federal Solar Tax Credit which is readily available to all states. The Federal Solar Tax is a way for you to earn 26% of the installation costs back. During tax season, you simply ask your solar provider which forms will be needed in order to claim this tax credit. The money that our customers earn back helps them in many ways. With this, they are already saving money on their monthly bill. Because of this, they are naturally earning back what they spent on their system through their savings and then earning a lump sum back on top of that.
Will It Last?
At Vision Solar, It is very hard for us to communicate to customers whether or not the federal Solar Tax Credit will last, or will be renewed in 2021. However, what we can say is that with more and more people switching to solar, it is safe to assume that this tax credit will not last as long as we want it to. The United States has a specific goal in place for the number of people they want to switch to solar. However, once this number is achieved, the Federal Solar Tax Credit will no longer be in place.
Why You Should Go Solar Today
In the end, we want all of our customers to have the opportunity to earn this money back. Because of this, we stress to our customers all of the benefits of solar. The sooner you install your system, the more savings you earn and the more money you can earn back for your solar panel installation purchase. Our customers are savings upwards of 20% on their monthly electric bill. To get started on your residential solar installation contact us today.