With summer slowly but surely slipping away and fall season peaking its way around the corner it’s completely normal to wonder if you can still save money by choosing to use solar. At the end of this year the full 30% Federal Tax Credit will be expiring so it’s urgent that even if you’re contemplating on installing solar that you request a free quote to see what your home or business can potentially be saving before the end of the year is over.
For homeowners, each year that you hold off on choosing solar you can be losing a considerable amount in savings. This 30% tax credit means a lot of savings for not only homeowners but businesses in California can take advantage of it as well. The full 30% Federal Tax Credit will decrease to 26%. After the following year it will decrease to 22%. So, if you’re even contemplating on choosing solar it’s logical that you explore the savings you would acquire with solar before the end of the year.
How does this work exactly? Receiving a Federal Tax Credit is simple by filing the IRS Form 5695 as part of your tax return. All you have to do is calculate the credit on the form and then return the result on your 1040. Whether you choose to lease you can still save extra money because the company that you’re leasing from receives the tax credit and will then pass this along in the form of a lower payment to you.
Solar incentives in the state of California are disappearing but it’s still not too late to save money with solar. In the past decade the cost to own solar panels has dropped drastically and this is the perfect time to see exactly how much your home or business can save. While it is true that incentives have disappeared over the years you still have an opportunity to save money and contribute to a better environment. Solar is now cheaper than ever and there are some great incentives to take advantage of before 2019 is over. By taking action now you will save thousands over the next few years.
Most importantly, it’s important to note that you do not lose out on having a specialist come out to evaluate the roof of your home or business and give you different estimates and options to use solar.