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 instructions step by step from Form 5695 to Form 1040.
The past decade has engendered the era of solar panels for home use. Homes and businesses across the country are transitioning away from a fossil-fueled electricity grid towards a clean energy economy, necessitated by emissions reduction targets in a time of global climate change. Amidst this period of energy reform, solar panel systems for houses are taking off at a remarkable rate. It’s time to give residential solar the credit it deserves. Learn everything there is to know about the booming residential solar industry in our list of home solar FAQs. Continue reading →
Homeowners, solar companies, and industry advocates alike were given a big Christmas gift in 2015 when Congress approved the 2016 federal spending bill and extended the solar panel tax credit. The December 18 bill contained a 5-year solar tax credit extension, which makes solar more affordable for all Americans. Wondering how this impacts you? EnergySage has the answers.
When you think of Massachusetts, you may think of the historical city of Boston, its championship sports teams, or distinctive pronunciation of the letter “R”. Now, it’s time to add a new association to the list because Massachusetts solar incentives and programs are now considered some of the best in the country. In this article, we break down these incentives and explain why solar panels are such a great investment in Massachusetts in 2018.
The tax bill that Congress passed at the end of 2017 is now officially in effect, and there are changes that impact many industries across the country. Early versions of the bill contained provisions that had the potential to harm renewable energy industries. Luckily, the financial incentives that reduce the cost of installing solar are intact. Below are some of our top takeaways from the recent tax bill.
Aside from the Solar Investment Tax Credit (ITC) provided by the federal government, which covers 30 percent of your solar project’s cost in the form of income tax credits, many states offer their own tax incentives to help you go solar. One popular incentive is a solar property tax exemption. Read on to learn how they work, and which states have these policies in place.
It was a wild week in the solar industry, full of unforeseen product releases and a controversial solar pricing report that was released by the government. An NREL report that confirmed price inflation by SolarCity and other top solar installers, Tesla’s big solar panel reveal and exciting growth in solar storage in certain states are the three stories we’re studying from this week’s Solar News Report.
With endless reasons to go solar in New York, many homeowners are enjoying the luxury that is the New York State Solar Tax Credit and you should too. In this article, we break down everything you need to know about tax incentives in NY.