Julian HawkinsAugust 8, 20185250
You don't have to pay the bill all by yourself. Making the decision to go solar is more popular than ever before and 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.
A big reason why both business and residential are deciding to go solar is the federal tax credit. The biggest reason 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.
So even if you don’t go solar this year, you can go through with your solar panel installation next year and still offset the cost by deducting 30 percent of the cost on your taxes. 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 tax deduction in 2022.
Additionally, Louisiana is where many oil and gas companies are headquartered have 28 solar incentive programs available. All 50 states have solar incentive programs, and states that don’t have many programs still have some 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.
If you want to move into the future and join the solar revolution, or if you want to find out what solar panels are right for you, go to HahaSmart.com and try our price checker tool. You can see how much a system will cost, and how much you can save over the next 20 years.
For more information relating to going solar, don't forget to visit our solar blog section for more handy guides and articles.
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