Solar Budgeting 101
With the right combination of tax credits, state incentives and solar financing, switching to solar energy can be a breeze! Homeowners can achieve great energy savings with solar panels while taking advantage of the aforementioned resources. If budgeted strategically, these systems pay for themselves in no time!
You don’t need to be an economics wiz to find a great deal. Solar panel owners nationwide are receiving all the benefits of green energy by checking off the resources below.
The federal solar tax credit, also known as the investment tax credit (ITC), allows solar energy owners to deduct 26% of the cost of installing their panels from their federal taxes. The federal solar tax applies to both residential and commercial systems – every user that owns their systems, as opposed to renting them, qualifies for this deduction.
This credit can be applied to personal income taxes that would otherwise be payed to the federal government. For more information on how to apply for these taxes, visit our step-by-step guide. You can also ask a Momentum Solar representative for further assistance.
Residential and commercial solar energy system owners can deduct 26% of the cost of installation for systems that have begun construction through 2020. The solar tax credit then decreases to 21% in 2021, and finally 10% beginning in 2022.
Taxpayers will receive the most out of their tax credit if they invest in solar energy today!
In addition to federal tax credits, customers can benefit from state, county and utility rebates. The Database of State Incentives for Renewables & Efficiency (DSIRE)  has an interactive map that displays solar incentives by state.
You can also speak to a dedicated solar energy specialist at Momentum Solar to find out what incentives you may qualify for. We will happily provide you with all available rebates and incentives in your area!
Solar Financing Options
On top of the plenty of rebates to help homeowners save money, there are also a few solar financing options to help offset the cost of your system. The following financing options are available depending on your needs and budget: Customers can choose from solar loans, cash payment, cash credit, or a Power Purchase Agreement (PPA).
There are different benefits for each option, and at Momentum Solar we want to give you all the information you need to pick the best one for your home. We understand that switching to solar power is a serious commitment, and we want to provide you with cleaner, price-protected energy at an affordable cost.
If you need any assistance claiming your federal tax credits, need help researching statewide incentives or simply have questions about your savings, the solar specialists at Momentum Solar are happy to help. We’re experts in finding our customers the best deals while providing high quality systems that produce clean, price-protected electricity.
Momentum Solar is a full-service solar energy company that handles everything from initial assessment all the way through installation and energization.
Visit momentumsolar.com or call 1(888)-MOMENTUM for assistance filing for tax credits or for more information about our services.
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