Anybody investing in Solar Power in 2019 is set to profit from a 30% federal government tax credit. But sadly, 2019 is the very last year and the last chance to make those reductions. If you've been thinking about investing in solar, there has never been a greater time to get set up than now!
Solar power owners could effectively receive a 30% discount. Solar energy power specialists are estimating, on average, a large $13,500 saving. It's unlikely we'll see such a chance again, with tax credit reductions reducing to 0% over the upcoming few years.
Solar power systems are becoming more and more common, due to the savings made and the environmental impacts. The 30% tax credit has boosted solar installations throughout the country as home owners take advantage of the huge financial benefits.
Is There Enough Time To be Eligible for the 30% Fed Tax Credit?
If you act immediately, yes. But to be qualified for the tax credits the fitting will have to start within 2019 - so act soon!
The tax credit percent is set by the year when the solar installation began.
The tax credit is qualified even if the set up is not completed in 2019.
The solar installation must be fully functional by December 31, 2023.
The best solar power companies will be able to work fast and ensure set up is at least started in 2019. This will make you qualified to apply for those tax credits. These solar companies are often very educated on the savings and financing side of the job. They may even offer a solar financing service to guarantee you make the quickest return from your investment.
In most residential cases, a solar fitting can be as swift as two days. It's worth contacting your local solar power company to see how they can help you with that 2020 cutoff coming fast.
What are Solar Energy Tax Credits?
Fed solar tax credits allow residential or commercial property owners to deduct up to 30% of the cost of the solar installment in the U.S. Whether it's a commercial or residential property, there is no limit to the value of a system which eligible. It's a great chance to make savings for photo voltaic energy owners, big and small. 2019 has seen a 30% tax credit extended until the end of the year. Over the next few years, the tax credit rate will diminish to 0%.
How Much Can I Save Through Solar Energy Tax Credits?
Solar power owners can effectively receive a 30% reduction on a solar power installation in 2019 thanks to the federal solar tax credits, irrespective of how much the system costs.
For example, if your solar power installation costs $10,000, then you can receive a 30% tax credit of $3,000. This is proving hugely popular for Clearwater solar power and St. Petersburg solar power investors, with vast savings being made for all.
Help make solar power installation more economical.
It encourages home owners to purchase their own solar systems. Leasing does not qualify for tax credits.
It helps support the solar power industry.
Federal Tax Credits Can Help Minimize the Costs of:
Solar Power Installation Charges
Solar energy Equipment
Shipping Expenses
Designer Charges
Electrician Charges
Roof Charges
Permitting Service Costs
Permit Charges
And Much more
A Brief History of Solar Energy Tax Credits
In 2005 the EPA established the 'Energy Policy Act.' This featured a solar tax credit that was set to conclude in 2007. But due to its popularity and boost for the solar industry, it has been extended for over a decade. In 2019, home and business owners have one last chance to make record financial savings.
2019 - 30% Solar Tax Credits until December 31, 2019.
2020 - A decrease to 26% Solar Energy Tax Credits
2021 - A decrease to 22% Solar Energy Tax Credits.
2022 and onwards - Only new commercial solar power system installations will receive a 10% tax credit reduction.
2022 and onwards - 0% tax credit for residential solar installation.
What are the Requirements to be Eligible?
Solar power owners must be mindful of the following to ensure they are eligible for the 30% tax credit reduction:
The solar installment must have started by December 31, 2019.
You must own and not rent the residential or commercial property.
You must own the solar panels, not lease.
You can still obtain tax credits if you purchased your solar panels with a loan.
How Do I Claim the 30% Solar Energy Tax Credit?
When filing your 2019 tax return, you will:
Check that your set up started before December 31, 2019.
Collect any receipts related to the cost of solar power.
Complete IRS Form 5965
Add the Tax Credits to Form 1040
Contact your local photo voltaic power installation company for more information.
Is Energy Storage Eligible for Tax Credits?
Energy storage systems are qualified, but only if they are integrated with photovoltaic arrays or other renewable energy systems that are eligible under the incentive. This means you can't receive tax credits for a storage system alone. It must be part of a full solar system.
Residential owners will receive a tax credit if 100% of the storage's charge is provided by solar power.
Commercial owners will receive a tax credit if at least 75% of the storage's charge is provided by solar power.
How to Find the Best "Solar Power Company near Me"
Local solar power services are easy to find, but the best have certain stand-out services and promises. Once you start searching, make sure they are:
A NABCEP Certified PV Installer
Licensed & Insured
Promise at least a 25 Year Life Span
They have vast experience.
Promise expert maintenance.
Have five-star reviews across the board.
If you want that federal tax credit reduction of a whopping 30%, then act today! With huge savings to be made, there is no reason to stall. Don't spend 2020 regretting it, contact your local solar power company now.
If you live in Florida near the Tampa Bay, St. Petersburg or Clearwater area, be sure to find out about Florida Power Services "The Solar Power Company". Florida Power Services has been labeled as the top-rated St. Petersburg Solar Power Company for over 17 years. Their Clearwater solar power installers has received various awards of excellence for quality and customer satisfaction offered. Florida Power Services "The Solar Power Company" has three convenient locations to better serve you.
Florida Power Services
"The Solar Power Company"
503 E Jackson St
Tampa, FL 33602
(727) 667-9955
Florida Power Services
"The Solar Power Company"
500 S Belcher Rd
Largo, FL 33771
(727) 667-9955
Florida Power Services
"The Solar Power Company"
415 62nd St NW
Bradenton, FL 34209
(727) 667-9955
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