Whether you’re looking to save thousands on electricity bills, are trying to lower your carbon footprint, or are hoping to become more independent from the electric grid, there are a number of reasons to install a home solar energy system. Today, going solar is an easy and popular way to boost your home’s value and your energy savings, while generating clean energy right at home. In this article, we’ll explain the key things you should know about going solar as a homeowner.
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The investment tax credit (ITC), also known as the federal solar tax credit, allows you to apply 30 percent of your solar energy system’s cost as a credit to your federal tax bill. The 30 percent tax credit will be available until 2033, at which point it will drop to 26 percent. The ITC applies to both residential and commercial systems, and there is no cap on its value. The average EnergySage Marketplace shopper saves nearly $6,150 on the cost of going solar as a result of the ITC.
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If you’re considering solar, you’ve probably heard about the federal solar tax credit, also known as the federal Investment Tax Credit (ITC). If you have a solar system on your property, you’ve probably heard about the federal solar tax credit, also known as the federal Investment Tax Credit (ITC). The 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. There’s plenty of information out there about the value of the ITC, but figuring out how to actually claim the credit when it comes time to file your taxes is another story. In this article, we’ll walk you through the instructions step by step from figuring out if you’re eligible to completing Form 5695 to adding it to Schedule 3 and Form 1040.
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It’s no surprise that the American solar energy industry is expanding: solar prices remain low, and there’s never been an easier time to reap the economic and environmental benefits of going solar. Solar capacity from installations in the U.S. grew 33 percent in Q3 2021 compared to Q3 2020, and we can expect continued rapid growth throughout 2022. However, the exact rate of solar growth in the U.S. will depend on a number of factors, including policy implementation and manufacturing trends. In this article, we’ll examine the state of the solar industry and explain the policies and manufacturing practices that we’re following in 2022.
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Over the past few months, the Build Back Better Act (BBBA) has been a big topic of discussion – both in the solar industry and for the country as a whole. The bill includes climate provisions that are crucial for the United States to achieve its target of 100 percent carbon-free electricity by 2035. However, it also includes social spending and tax changes that have received less support from Senate Democrats. So, what’s the status of this bill? And what can you do to support it?
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In this week’s news round-up, we discuss a new startup company looking to innovate electric vehicle (EV) charging infrastructure, as well as an updated projection on the country’s energy future from the federal government.
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On Earth Day 2021, the Biden Administration announced its goal “to reach 100 percent carbon pollution-free electricity by 2035”– but, until recently, no legislation had been passed to actually meet this target. This all started to shift in August 2021, when the Senate passed a $1.2 trillion infrastructure bill and then immediately advanced a $3.5 trillion budget resolution that will lay the framework for a reconciliation bill. So, what’s the status of these bills? And how will they advance the U.S.’s clean energy transition?
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The best solar incentive is the federal investment tax credit (ITC). This is true both for home- and business owners: by providing you a credit on your taxes equal to 26 percent of the cost of your solar panel system, the ITC provides a significant benefit to anyone looking to add solar. For the most part, the business solar (and storage!) ITC works nearly exactly the same way as it does for homeowners, with a few key nuances. In this article, we’ll explain what you need to know about the ITC for businesses in 2021.
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The country’s best solar incentive, the federal investment tax credit (ITC), is in the process of winding down. 2019 was the last year you could claim the full 30 percent tax credit. Starting in 2020, the credit dropped to 26 percent, and will drop to 22 percent in 2023 and disappear entirely for homeowners in 2024. This impending deadline has prospective solar shoppers rushing to take advantage of the maximum credit while they still can – but how can you make sure you’re eligible for the current 26 percent credit?
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If you’re a homeowner looking to go solar, the incentives you have available to you are pretty straightforward: from net metering to the federal investment tax credit, and to any local utility or government rebates and incentives. Between the incentives and the declining cost of solar, the average homeowner on EnergySage sees a payback period for solar of eight years. Easy!
If, on the other hand, you’re a business owner considering solar, there are additional tax incentives that help decrease the time it takes for your solar investment to payoff. The most widely-known of them is the Modified Accelerated Cost Recovery System, also known as MACRS.
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