But you can still enjoy the savings that solar power has to offer!
***Please note that this is for informational purposes only. We can not offer tax advice and all information concerning tax credits should be confirmed with your tax adviser.****
If you’re buying a solar energy system today, timing is everything – particularly as one of the most generous US Federal solar incentives, the 30% federal Investment Tax Credit (ITC), is set to decrease at the end of 2019 and drop to 10% 24 months later.
Prior to the ITC, owners of new solar panel or solar + storage systems could not claim tax credits unless their system was in full operation. The updated legislation is now enables owners to claim tax credit after the installation and construction of system is finished – as long as the system is fully operational by December 31, 2023.
One of homeowners and business owners biggest expenses are energy costs. The additional savings to a family can mean more money to be allocated to vacations and long-term savings plans such as IRA and 401K, while to business owners the savings can be reinvested back into the company along with increasing the overall equity of the company its-self.
With these solar energy credits being cut so substantially over the next two years, putting a solar energy system in place is a viable option sooner than later. With an average system life of 25 years, a solar energy system can last as long if not longer than the average age of a roof. In order to ensure you get the maximum number of credits, we recommend you act now.