Solar Tax Credits
Savings Opportunities for Qualified Solar Improvements
Each year, more homeowners make the switch to solar power. As solar technology continues to become more streamlined and reliable, access to a more affordable clean energy product is available to buyers. Additionally, solar tax credits have put these innovations within reach of more households than ever before. Solar energy solutions provide a considerable list of benefits to property owners and allow savings opportunities to the environmentally conscious.
Federal solar tax credits have been extended as part of recent COVID-19 economic relief legislation. Give our team a call at (559) 464-6048 for more information.
Available Federal & State Solar Tax Credits & Incentives
California isn’t currently offering residents state-specific tax rebates, but there are still opportunities to maximize savings by coupling federal tax credits with state incentives. Programs like net metering and rebates for solar-powered batteries can mean valuable savings for clean energy improvements. Not every purchase will qualify, so it’s important to speak to a Visalia solar energy specialist.
There are many benefits to homeowners making the switch to solar, and it’s great to have tax credits and incentives as part of the conversation. Homeowners will find the most savings at the federal level, so buyers already planning solar improvements can take advantage of the federal solar investment tax credit (ITC). The deadline for the ITC was extended to allow property owners to save on approved solar purchases through 2022.
For many property owners, these savings make clean, renewable energy more accessible and affordable. The ITC rebate was scheduled to expire fully in 2022, so those interested in converting to solar should jump at these savings.
The ITC extension allows eligible taxpayers to save by rebating a percentage of their installation costs. This tax extension means your qualified solar improvement could rate a 26% tax credit. The tax credit won’t be leveled with the extension, so you can earn a 26% tax credit if you install solar improvements in 2021 or 2022. The original ITC rebates dropped from 26% in 2020 to 22% in 2021 and were scheduled to expire in 2022. So, not only do customers have an additional year to make qualified purchases, but they also will receive the additional 4% in rebates there were scheduled to level off. Our experienced solar team can answer any questions you may have about how these savings will impact your overall financial obligation because we understand solar panels represent a significant investment for most home and business owners.
Important Next Steps to Realizing Solar Savings
The team at JP Electric & Solar can help you plan your solar improvements, which can make all the difference in maximizing all these valuable tax credits and incentives. Plus, we can help you understand how to maximize the net metering program with your energy utility. While it may not seem as lucrative as a rebate, energy credits can provide savings to recoup your initial investment. We provide solutions for property owners in Visalia and surrounding communities. Tax credits only apply to qualified improvements, and California metering and incentives should be verified in your area when developing your solar strategy.
If you are interested in learning more about the available solar credits for your Central Valley property, call JP Electric & Solar now at (559) 464-6048.
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