Through the end of 2019 the Solar Electric Tax Credit can earn you 30% in Federal Tax Credit on the total cost of your solar system, including the cost of permitting, equipment, and installation. Think of it as a 30% discount off the price of going solar!
How Does it Work?
The Investment Tax Credit works by giving you back 30% of the cost of your solar system as a tax credit. If you have more credit than you owe, that’s no problem, the credit will roll over to the next year and is valid for up to 7 years. In order to take advantage of this tax credit you must own your solar system, it is not valid for leasing or purchase price allocation.
Worried you might not quality for the 30% Federal Solar Tax Credit? If you purchase your solar system during 2019, own your residence, and you own rather than lease your solar panels there’s a good chance you are the perfect candidate.
What Happens after 2019?
After December 31, 2019 the Investment Tax Credit will still be around, however the Federal Tax Credit amount will be lowered from 30% to 26% in the year 2020. In 2021 the amount will decrease again to 22%, and in 2022 residential will have no tax credit, while commercial and utility applications will get 10%. In short, to save the greatest amount you can on your solar system you should start the process immediately. In order to get the 30% Federal Tax Credit amount your system will have to be purchased by December 31, 2019.
There is Still Time in 2019 – Get Started Today!
Starting the Process
It’s easy and free to get started. Florida Solar will come to your home and perform a complimentary consultation. We will walk you through a detailed checklist and use the information you share with us to determine how much solar electric can save you and your family.
How Does Florida Solar Determine what Size System You Need?
To determine the size of the solar system that’s perfect for you, Florida Solar needs 12 months of your power bills. We average your bills together and determine what size solar system will zero out your electric bill. If you’re a new home owner don’t worry, we have additional ways to help figure out what your power consumption is, and are still able to determine the perfect size system for your residence.
How Long Do Solar Systems Last?
Florida Solar’s systems have a 25 year warranty, so you can have peace of mind in investing in your solar system. You will save on your electric bills, help the environment, and the tax credit is a huge benefit.
The solar tax credit savings will decrease at the end of this year. If you are thinking about going solar, now if the time to save big. Call Florida Solar today to schedule your free consultation!