There has never been a better time to switch to solar!
Due to federal and state incentives, qualified homeowners can lower their monthly electric bills with solar energy for no money out-of-pocket. Your tax credit may qualify for up to 26% of the cost of your solar equipment when you install solar panels or solar water heating system. This opportunity is only available through the end of 2022 – after that, the percentage will decrease periodically through the end of 2023.
How Solar Tax Credits Work
A solar tax credit is the amount of money that taxpayers can subtract from the taxes they owe to the government from the previous year. If you made a solar investment that was approved by the government during that last year, you would be able to deduct that amount when you file your taxes with the government. All products that are eligible for tax credits for residential energy efficiency are labeled with an Energy Star certification.
How To Apply For Federal Tax Credit
When you file your taxes, make sure to fill out form 5695. This form can be applied only to residential properties.
How Solar Rebate Works
Solar rebates work differently than tax credits. In fact, rebates can help you can get cash back into your hands sooner! While there are no federal rebates for energy-efficient purchases at this time, many state governments, local governments and utility companies offer cash rebates for the purchase of energy-efficient products. Some manufacturers offer specials and sales that make it easier to power your home with renewable energy.
How to Apply For Solar Rebates
The solar rebates vary from state to state, and the actual offer updates frequently. To find out what discounts available to you, please reach out to one of our representatives at 1-888-666-3699 or complete the inquiry form.