How 2019's Tax Credits Decrease Solar Power Costs by 30%
Everyone investing in Solar Power in 2019 is set to profit from a 30% federal tax credit. But sadly, 2019 is the final year and the last opportunity to make those reductions. If you've been looking into investing in solar, there has never been a greater time to get started than now!
Solar power property owners could effectively receive a 30% discount. Solar power experts are estimating, on average, a large $13,500 saving. It's unlikely we'll see such an opportunity again, with tax credit reductions lowering to 0% over the coming few years.
Solar power systems are becoming more and more in demand, due to the savings made and the environmentally friendly impacts. The 30% tax credit has boosted solar installations throughout the country as property owners take advantage of the huge financial benefits.
Is There Enough Time To be Qualified for the 30% Fed Tax Credit?
If you act immediately, yes. But to be eligible for the tax credits the construction will have to start within 2019 - so act now!
- The tax credit percent is set by the year when the solar installation began.
- The tax credit is eligible even if the set up is not completed in 2019.
- The solar installation must be fully operative by December 31, 2023.
The best solar energy power providers will be able to work fast and ensure setup is at least started in 2019. This will make you eligible for those tax credits. These solar companies are often very educated on the savings and financing side of the job. They may even offer a solar financing service to make certain you make the quickest return from your investment.
In most residential cases, a solar installment can be as swift as two days. It's worth talking to your local solar power company to see how they can help you with that 2020 deadline coming fast.
What are Solar Tax Credits?
Fed solar tax credits allow residential or commercial property owners to deduct up to 30% of the cost of the solar installation in the U.S. Whether it's a commercial or residential property, there is no limit to the value of a system which eligible. It's a great chance to make savings for solar owners, big and small. 2019 has seen a 30% tax credit extended until the end of the year. Over the next few years, the tax credit rate will diminish to 0%.
How Much Can I Save Using Solar Tax Credits?
Solar power owners can effectively receive a 30% reduction on a solar power installation in 2019 thanks to the federal solar tax credits, irrespective of how much the system costs.
For example, if your solar power set up costs $10,000, then you can receive a 30% tax credit of $3,000. This is proving hugely popular for Clearwater solar power and St. Petersburg solar power investors, with vast financial savings being made for all.
- Help make solar energy installation more economical.
- It encourages property owners to purchase their own solar systems. Leasing does not qualify for tax credits.
- It helps boost the solar power industry.
Federal Tax Credits Can Help Slash the Costs of:
- Solar Energy Set Up Expenses
- Solar Equipment
- Shipping Fees
- Designer Expenses
- Electrician Expenses
- Roof Expenses
- Permitting Service Prices
- Permit Expenses
- And More
A Concise History of Solar Tax Credits
In 2005 the EPA established the 'Energy Policy Act.' This included a solar tax credit that was set to end in 2007. But due to its popularity and boost for the solar industry, it has been extended for over a decade. In 2019, home and business owners have one last chance to make record savings.
- 2019 - 30% Solar Tax Credits until December 31, 2019.
- 2020 - A reduction to 26% Solar Tax Credits
- 2021 - A reduction to 22% Solar Tax Credits.
- 2022 and onwards - Only new commercial solar system installations will receive a 10% tax credit reduction.
- 2022 and onwards - 0% tax credit for residential solar installation.
What are the Requirements to be Qualified?
Solar power owners must be mindful of the following to ensure they are eligible for the 30% tax credit reduction:
- The solar installment must have started by December 31, 2019.
- You must own and not rent the residential or commercial property.
- You must own the solar panels, not lease.
- You can still obtain tax credits if you purchased your solar panels with a loan.
Just how Do I Claim the 30% Solar Tax Credit?
When filing your 2019 tax return, you must:
- Check that your setup started before December 31, 2019.
- Collect any receipts related to the cost of solar power.
- Complete IRS Form 5965
- Add the Tax Credits to Form 1040
- Get in touch with your local solar energy power installation company for more info.
Is Energy Storage Qualified for Tax Credits?
Energy storage systems are eligible, but only if they are integrated with photovoltaic arrays or other renewable energy systems that are eligible under the incentive. This means you can't receive tax credits for a storage system alone. It must be part of a full solar system.
- Residential owners will receive a tax credit if 100% of the storage's charge is provided by solar power.
- Commercial owners will receive a tax credit if at least 75% of the storage's charge is provided by solar power.
How to Find the Best "Solar Power Company near Me"
Local solar power providers are easy to find, but the best have certain stand-out services and promises. Once you start browsing, make sure they are:
- A NABCEP Certified PV Installer
- Licensed & Insured
- Promise at least a 25 Year Life Span
- They have vast experience.
- Promise expert maintenance.
- Have five-star customer reviews across the board.
If you want that federal tax credit reduction of a massive 30%, then act today! With huge savings to be made, there is no reason to stall. Don't spend 2020 regretting it, contact your local solar power company now.
If you live in Florida near the Tampa Bay, St. Petersburg or Clearwater area, be sure to find out about Florida Power Services "The Solar Power Company". Florida Power Services has been named as the top-rated St. Petersburg Solar Power Company for over 17 years. Their Clearwater solar installation team has received various awards of excellence for quality and customer satisfaction provided. Florida Power Services "The Solar Power Company" has three convenient locations to better serve you.
Florida Power Services
"The Solar Power Company"
503 E Jackson St
Tampa, FL 33602
(727) 667-9955
Florida Power Services
"The Solar Power Company"
500 S Belcher Rd
Largo, FL 33771
(727) 667-9955
Florida Power Services
"The Solar Power Company"
415 62nd St NW
Bradenton, FL 34209
(727) 667-9955