Is It Time To Hurry Up And Beat The Solar Tax Credit?
The solar investment tax credit is set to expire in 2016. The credit allows the consumer to claim 30% of the solar project’s cost. At the end of 2016, the US government tax credit is set to drop to 0 for any homeowner that is wanting to claim it on their tax return. For commercial, it’s set to lower to 10% (from 30%) for any commercial projects. The solar industry is lobbying to further the tax credit past 2016, but there are no guarantees at this point.
For homeowners, now is the time to think about installing a solar panel system on their home. The savings a homeowner can expect from installing panels on their roof are at all-time high, and the costs to install a solar panel system are at a all-time low. Taxpayers can get a credit of 30% of qualified costs for a solar panel system, but one must be in the United States and their owned property. Source – Energy.gov
Homeowners can expect a healthy return on their solar investment. In some locations, as high as a 50% savings. After your panels are installed, getting power from the sun instead of the local utility company lowers your monthly electric bill. How much can you expect? Well, it’s all determined by where you are in the country. New York residents see a huge savings, only because purchasing from a utility company in New York is real expensive. Even states like California, Nevada, Arizona, Florida and many others see a big return on their solar investment because they are drawing a lot more sun to generate power.
Looking To Save Up To 50% On Your Electric Bill? Here’s How You Do It:
Step 2: Once you go through a few questions, you will have the opportunity to compare the best quotes in your area and save up to 50% off your electric bill