How 2019's Tax Credits Cut down Solar Power Fees by 30%
Anybody investing in Solar Power in 2019 is set to benefit from a 30% federal tax credit. But sadly, 2019 is the very last year and the last opportunity to make those reductions. If you've been thinking of investing in solar, there has never been a better time to get started than now!
Solar power owners could effectively acquire a 30% discount. Solar energy power professionals are estimating, on average, a huge $13,500 saving. It's unlikely we'll see such a chance again, with tax credit reductions reducing to 0% over the coming few years.
Solar power systems are becoming more and more common, due to the savings made and the eco-friendly 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 Qualified for the 30% Fed Tax Credit?
If you act swiftly, yes. But to be qualified for the tax credits the setup will have to start within 2019 - so act soon!
- The tax credit amount is set by the year when the solar installation began.
- The tax credit is qualified even if the construction is not completed in 2019.
- The solar installation must be fully operational by December 31, 2023.
The best solar energy power companies will be able to work fast and ensure installment is at least started in 2019. This will make you eligible for those tax credits. These solar companies are often very informed on the savings and financing side of the job. They may even offer a solar financing service to guarantee you make the quickest return from your investment.
In most residential cases, a solar setup 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 deadline coming fast.
What are Solar Tax Credits?
Fed solar tax credits allow 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 is eligible. It's a fantastic 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 percentage will diminish to 0%.
Just How Much Can I Save With Solar Tax Credits?
Solar power owners can effectively acquire 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 investors, with vast financial 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 Installation Charges
- Solar energy Equipment
- Freighting Fees
- Engineer Charges
- Electrician Charges
- Roofing material Charges
- Permitting Service Fees
- Permit Charges
- And More
A Quick History of Solar Tax Credits
In 2005 the EPA established the 'Energy Policy Act.' This featured a solar tax credit that was set to conclude 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 chance to make record savings.
- 2019 - 30% Solar Tax Credits until December 31, 2019.
- 2020 - A reduction to 26% Solar Tax Credits
- 2021 - A reduction 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 Qualified?
Solar power owners must be aware of the following to ensure they are eligible for the 30% tax credit reduction:
- The solar installment must have started by December 31, 2019.
- You must own and not rent the property.
- You must own the photovoltaic panels, not lease.
- You can still acquire tax credits if you purchased your solar panels with a loan.
How Do I Claim the 30% Solar Energy Tax Credit?
When filing your 2019 tax return, you must:
- Check that your installment 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
- Phone your local solar energy power installation company for more info.
Is Energy Storage Qualified for Tax Credits?
Energy storage systems are qualified, but only if they are integrated 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 energy.
- Commercial owners will receive a tax credit if at least 75% of the storage's charge is provided by solar energy.
How to Identify the Best "Solar Power Provider near Me"
Local solar power companies are easy to find, but the best have certain stand-out services and promises. Once you start looking, make sure they are:
- A NABCEP Certified PV Installer
- Licensed & Insured
- Promise at least a 25 Year Life Span
- They have extensive experience.
- Guarantee expert maintenance.
- Have five-star customer reviews across the board.
If you want that federal tax credit reduction of an immense 30%, then act now! With huge savings to be made, there is no reason to delay. 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 inquire 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 countless 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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