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Carson Residents Are Eligible for Solar Tax Credits Until 2021
If you are considering purchasing solar panels for your home, you need to be aware that the huge savings available through the solar Investment Tax Credit (ITC) will not be available for much longer. This powerful incentive, which has motivated countless numbers of Carson residents to invest in solar panels for their homes, is being phased out by the government and will no longer be available after the close of 2021.
As a leading solar installer in Carson, Momentum Solar can provide you with the resources you need to make an informed decision about transitioning to solar. This includes important information about solar tax credits and our solar loans, which can help you make the transition while tax credits are still available.
How Much Can I Save with Solar Tax Credits in Carson, CA?
Of all the solar initiatives, the federal government’s solar Investment Tax Credit (ITC) has been the most popular and valuable incentive to date. For many years, the solar tax credit was valued at 30% of the overall cost of the solar system. Since announcing that solar tax credits will be retired, the value has been decreased as follows:
- Until the end of 2020, you can claim up to 26% of the cost of your system
- Until the end of 2021, you can claim up to 22% of the total cost
Claiming Solar Tax Credits
One of the reasons why the solar tax credit program has been so popular is that these credits are incredibly easy to claim. At the end of the year in which you purchased your solar panels, you will use the solar tax credit to lower your federal income tax liability by the corresponding amount. If you do not have a high enough tax liability in that year, the surplus can be rolled over to subsequent years.
There are very few restrictions around who is able to claim solar tax credits. If you buy solar panels for your primary residence in Carson before the end of 2021, then you are eligible to claim the tax credit. You may be able to claim a portion of the solar tax credit for a vacation property or second home, but the amount you can claim would be reduced based on the amount of time you spend at that property.
Act Now Before Solar Tax Credits Expire!
Very few Carson residents are able to purchase solar panels for their home in cash. Most of our customers choose to take out a solar loan to finance their residential solar system. This is a great way to help you spread the cost of your solar panels over time, while letting you take advantage of solar tax credits before they expire. We provide a variety of in-house solar loans to our clients. During your initial consultation, we can provide you with additional information about the competitive rates and terms of our solar loans.
If you’re ready to learn more about the benefits of solar panels for your home, we encourage you to contact us today to schedule a free consultation. We offer all prospective clients the opportunity to meet with our knowledge solar installers and receive a free, no-obligation quote for a customized solar system. Simply contact us today to get started – our team is standing by to take your call.
Find Out if Switching to Solar is Right for You
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