The Golden State has always been a front-runner when it comes to solar energy. California is consistently ranked as the top state for solar when it comes to both jobs and installed capacity. Much of their original growth in solar has been due to the California Solar Initiative (CSI). Enacted in 2006, CSI was designed to provide upfront rebates for residential and commercial property owners purchasing solar panel systems. The rebates were available for customers of three utility companies: Pacific Gas and Electric (PG&E), Southern California Edison (SCE), and San Diego Gas and Electric (SDG&E).
If you’re considering solar, you’ve probably heard about the federal solar tax credit, also known as the Investment Tax Credit (ITC). The Federal ITC makes solar more affordable for homeowners and businesses by granting a dollar-for-dollar tax deduction equal to 30% of the total cost of a solar energy system.
What does 30% actually mean for the average solar shopper? According to EnergySage marketplace data, the average national gross cost of installing a solar panel system in 2018 is $18,840. At that price, the solar tax credit can reduce your federal tax burden by $5,652 – and that’s just one of many rebates and incentives that can reduce the cost of solar for homeowners.
There’s plenty of information out there about the value of the residential ITC, but figuring out how to actually claim the credit when it comes time to file your taxes is another story. We’ll walk you through the process step by step from Form 5695 to Form 1040.
The Investment Tax Credit (ITC) is a generous incentive from the federal government. It was put in place to encourage uptake of solar energy and other renewable energy systems in 2006. It has been tremendously successful in this goal: the number of solar installations in the US has increased 1,600% since the ITC was introduced.
Many EnergySage customers quickly understand the potential benefits of the ITC, but have questions when it comes to the particulars of how it operates. Frequently, we field questions about whether or not they can claim the ITC at all, and when and how it can be applied to their tax bills. Continue reading
The benefits of owning a solar energy system significantly increase when you take advantage of available rebates, tax credits and incentives. This is because these incentives will reduce your upfront installation costs, and as a result accelerate your payback period – paying less up front means breaking even more quickly. These programs can reduce the upfront costs of your system by 30 to 50 percent, but vary state-by-state as well as city-by-city. Read on to see if your city is one of the top 5 cities that incentivize solar!
Despite the state’s reputation for its cold, snowy winters, going solar is in fact a great way for Massachusetts residents to save money on their power bills. In this article we take a look at why solar panels are such a great investment for your home or business in Massachusetts.
Why are solar panels so popular in Massachusetts?
2015 was a big year for residential solar power for the USA. Massachusetts is going to be one of the states that leads the way as more and more Massachusetts homeowners and businesses discover the benefits of rooftop solar panels in MA. Once a state filled with underserved renewable demand, Massachusetts is starting to heat up as a leading solar state, according to various data reports. Continue reading
Using solar energy can save you thousands of dollars. But how do you make sure you’re keeping track of it all? We’ll show you how to tally up all your home solar savings.
When shopping for solar photovoltaic (also known as solar panel, solar electric) systems, many businesses and homeowners focus mainly on price. To that end, dollars per watt is a key metric when comparing quotes because it allows the consumer to adjust for differences in system size. While price is certainly an important factor, maximizing the value of your investment both financially and environmentally, involves consideration of several other, equally important factors. Here are some that we think are vital to making the right decision about your solar panel system. Continue reading
EnergySage is pleased to announce the development of a formal relationship with the Massachusetts Sierra Club to accelerate the adoption of clean energy technologies, such as solar photovoltaic (electric), solar thermal (hot water) and geothermal-heat pump (space cooling and heating) systems. The joint effort will focus on proactive outreach, education and free advocacy services for owners and decision-makers at commercial properties, including businesses, religious institutions, government buildings, schools and non-profits. The details of this partnership can be viewed here. Continue reading
Even though a pretty powerful V.I.P. had his back, Noah didn’t wait for the rain to start falling before he started planning his ark. After all, timing is everything, and it’s always good to be ahead of the game. The same holds true when you’re thinking about switching to a clean energy system.
While you might not be ready to buy right away, it’s still in your best interest to begin your research process sooner rather than later. Here’s why: Continue reading
Lately, there’s been a lot of noise in the marketplace about whether or not solar panel systems would make financial sense without the government tax incentives and rebates that are available today. Even the Wall Street Journal seems to have jumped on the band wagon. Continue reading