Are you familiar with the ITC? That's the Investment Tax Credit that went into effect in 2005. Since then, it's been extended several times, and now covers homeowners, in some portion, through the year 2021. The ITC is also often referred to as the Federal Solar Tax Credit, and it's been helping savvy homeowners cover the costs of renewable energy for years. Currently, the ITC is the only tax credit that still remains in effect for residential homeowners wishing to convert, and it covers solar energy only.
Through the end of 2019, this tax credit covers up to 30 percent of the cost of purchased solar energy installation for residential use. This means, as a homeowner, you must own your solar panels instead of leasing them. Through 2020 on, the tax credit is pro-rated, but you can still save a bundle on the costs associated with the installation of solar energy panels. Here's the breakdown:
Jan-Dec 2020 -- Homeowners may claim a tax break equal to 26 percent of their total cost.
Jan-Dec 2021 -- Homeowners may claim a tax break equal to 22 percent of their total cost.
While the cost to install solar panels varies slightly across the country, investments typically range between $14,000 and $18,000 before tax credits are applied. It's a decent chunk of money to put toward a home upgrade, but your ROI will be major. Many factors combine to help determine how much money you'll save after installing solar panels. These include:
There's no arguing that converting to solar energy is a good thing for everyone involved, especially for homeowners who make the move before the year ends in 2021. If you've been lingering in the shadows when it comes to converting over to solar panels, there's no better time than right now to step out into the light of solar energy.
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