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Ways in which 2019's Tax Credits Decrease Solar Power Expenses by 30% There are 0 replies:
Ways in which 2019's Tax Credits Decrease Solar Power Expenses by 30% Original post: Tue 10/22/2019 at 7:17 PM

Anyone investing in Solar Power in 2019 is set to profit from a 30% federal government tax credit. But sadly, 2019 is the last year and the last chance to make those savings. If you've been looking at investing in solar, there has never been a better time to get started than now!

Solar power property owners could effectively receive a 30% discount. Solar power pros are approximating, on average, a large $13,500 saving. It's unlikely we'll see such a chance again, with tax credit reductions diminishing to 0% over the next 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 property owners take advantage of the huge financial savings.

Is There Enough Time To be Eligible for the 30% Federal Tax Credit?

If you act immediately, yes. But to be qualified for the tax credits the installment 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 setup is not completed in 2019.
  • The solar installation must be fully working by December 31, 2023.

The best solar power companies will be able to work fast and ensure setup 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 assure you make the quickest return from your investment.

In most residential cases, a solar installation can be as quick as two days. It's worth calling your local solar power provider to see how they can help you with that 2020 cutoff coming fast.

What are Solar Tax Credits?

Federal 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 business or residential property, there is no limit to the value of a system which eligible. It's a terrific 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 decrease to 0%.

Just How Much Can I Save With Solar 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, regardless of how much the system costs.

For example, if your solar power set up 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 clients, with vast savings being made for all.

  • Help make solar power installation more affordable.
  • It encourages property owners to purchase their own solar systems. Leasing does not qualify for tax credits.
  • It helps boost the solar power industry.

Federal Tax Credits Can Help Cut the Costs of:

  • Solar Energy Set Up Charges
  • Solar Equipment
  • Freighting Expenses
  • Designer Charges
  • Electrician Charges
  • Roof Charges
  • Permitting Service Prices
  • Permit Charges
  • And Much more

A Quick History of Solar Tax Credits

In 2005 the EPA established the 'Energy Policy Act.' This included a solar tax credit that was set to end 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 opportunity to make record financial savings.

  • 2019 - 30% Solar Tax Credits until December 31, 2019.
  • 2020 - A decrease to 26% Solar Tax Credits
  • 2021 - A decrease to 22% Solar 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 setup 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 get tax credits if you purchased your solar panels with a loan.

How Do I Claim the 30% Solar Tax Credit?

When filing your 2019 tax return, you should:

  • Check that your setup started before December 31, 2019.
  • Gather any receipts related to the cost of solar power.
  • Complete IRS Form 5965
  • Add the Tax Credits to Form 1040
  • Contact your local solar power installation company for more info.

Is Energy Storage Eligible for Tax Credits?

Energy storage systems are qualified, but only if they are combined 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.

  • Non commercial owners will receive a tax credit if 100% of the storage's charge is provided by solar.
  • Commercial owners will receive a tax credit if at least 75% of the storage's charge is provided by solar.

How to Identify 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 customer reviews across the board.

If you want that federal tax credit reduction of a huge 30%, then act right now! With huge savings to be made, there is no reason to stall. Don't spend 2020 regretting it, contact your local solar power provider 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 named as the top-rated St. Petersburg Solar Power Company for over 17 years. Their Clearwater solar installation team has received numerous 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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