Adrienne SorensenSeptember 11, 20183040
Use Solar to Increase the Value of Your Home
There are plenty of federal and state programs that can help homeowners offset the cost of installing solar panels. No matter what the cost or what state the homeowner lives in, everyone can save money on the cost of going solar. The biggest incentive is the Federal Solar Tax Credit, also known as the investment tax credit (ITC) which allows you to deduct 30 percent of the cost of installing solar panels.
That means for every $10,000 spent on solar panels there is a tax deduction of $3,000. This credit applies to both residential and commercial solar systems and there is no cap on the amount that qualifies for the tax credit. This is a big reason why both business and residential solar continues to get more popular year after year.
When congress approved its spending bill back in 2016, the members included an extension of the ITC until 2022. The 30 percent tax credit is also in effect through 2019, in 2020 the credit drops to 26 percent, 22 percent in 2021, and down to a 10 percent deduction in 2022. So even if you don’t install solar panels this year, you can install them next year and still offset the cost by deducting 30 percent of the cost on your taxes.
Individual states and cities also have incentive programs that offset the cost of going solar. For example California has 212 different programs and incentives for homeowners who install solar panels, and it’s not just California. All 50 states have solar incentive programs, and states that don’t have many programs still have some available. Even Louisiana, which is where many oil and gas companies are headquartered have 28 solar incentive programs available. Some of them are tax credits, and some of them are a break on the rate of electricity when they do need power from the grid.
The point is no matter what state you live in, there are plenty of ways to offset the cost of installing solar panels.
In addition many installers work with banks to finance solar panel installations and many banks are willing to finance the cost of going solar. Even though making the jump is expensive, you don’t have to pay for it all at once. Think of it like a reasonable car payment. Unlike a car, when the solar panels are paid for, they increase the value of the home and they continue to save you money of a long period of time. Cars just lose value and cost more money to run.
Solar panels are a part of the landscape all over the planet. The cost pays for itself and adds value to everything. Real estate agents are more willing to sell a house that has solar panels installed on the roof, and potential home buyers are are willing to pay more for a house that is solar enabled because they know the cost will pay for itself.
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