Some people have solar panels on their roof to catch the sun's energy and turn it into electricity. This is a good thing to do because it helps the environment and can save you money on your electric bill. But if you have solar panels, you might be able to get a tax break from the federal government. That's because the government wants more people to install solar panels so that we can continue to transition from previous energy sources to new sources.
In 2023, homeowners of all income levels will have access to new and improved energy efficiency tax credits and rebates under the Investment Tax Credit (IRA).
Even though these incentives will last for the next decade, energy efficiency is about long-term savings. By investing in solar panels and solar energy, you can accumulate savings and reduce your carbon footprint sooner.
Combined with home solar, these energy efficiency upgrades become even cleaner and more cost-effective.
30% ITC EXTENDED FOR UP TO TEN YEARS
The Investment Tax Credit was restored to its full 30% and is set to remain at 30% for ten years for residential solar installations. For commercial solar installations the tax credit is also back up to 30%, but with the possibility to drop prior to the full ten year period. Some commercial projects may have requirements and or regulations while others may not. Fin out today if your commercial project can go solar.
In conclusion, there are a number of federal tax incentives and credits available for solar investments. These incentives can help offset the initial costs of solar installation and make solar a more attractive option for businesses and homeowners. If you found this content helpful, please share it so that others can benefit from it as well.
( Click or tap the image on this page to see if you qualify to save more money)