Solar tax credit – everything you need to know about the federal ITC for 2020
The solar Investment Tax Credit (ITC) is part of a federal policy that incentivizes home and business owners to install solar energy systems, and it makes solar panels more affordable for people across the country. To encourage more property owners – both commercial and residential – to invest in clean energy for their properties, the ITC allows for a 26% tax credit, meaning you can deduct 26% of the total installation cost of your solar energy systems and save thousands of dollars by going solar. Not to mention the money you’ll also save on your monthly energy bills! Also, there is no cap on its value, so if you’re a commercial property owner and want to convert all your current energy systems to solar, you can save a substantial amount of money while reducing your environmental footprint and enjoying the many benefits of solar energy.
To qualify for the ITC, the only requirement is that you own your solar energy system. When it comes time to file your federal tax return for the year, let your accountant know that you’ve converted to a solar energy system and they will help you claim the ITC. If you file your own taxes, there are several helpful online guides that can assist you.
We’ve seen several pieces of legislation at the state and national levels over the past few years that incentivize property owners who convert to solar energy systems. As we all take steps to reduce our carbon footprint and make environmentally friendly choices, investing in a solar energy system is an excellent choice, and for homeowners and business owners who qualify for the ITC, it’s an affordable option.
Learn more about home solar panels
If you’ve been considering installing a solar energy system, there’s still time to become eligible for the 26% tax credit, as it applies to all construction started in the year 2020. We have several sunny months ahead of us, and now is an excellent time to discover how efficient solar energy is in powering your home while reducing your monthly energy costs.
At Greenhouse Solar, we are proud to supply top-of-the-line solar panels for both residential and commercial buildings. For more information about solar installation in Morris County, NJ, or to speak to a member of our team, please contact us today. Discover why so many people trust us for all of their home solar needs. We look forward to hearing from you.