22 Jul Why Now Is The Best Time to Get Solar Tax Credit
Solar energy keeps getting more affordable. Since solar costs are falling fast unlike finite fossil fuels, it makes sense why the state of California now requires all new single family and multifamily homes under three stories to include solar energy. Despite the environmental benefits, the new mandate has influenced Californians to grow a collective interest in switching to solar. EnergySage Solar Marketplace discovered a shopper can save nearly $9,000 on the cost of going solar as a result of the current ITC. Therefore, the rise of solar has influenced others to also learn how they can smartly invest in a cost-saving and environmentally-friendly solar system.
Pro-solar policies mixed with financial benefits have made people aware that getting the maximum California solar tax credit and incentives is better than receiving a lower amount. According to EnergySage, the best time to go solar is now due to the dwindling Investment Tax Credit (ITC) incentives listed below:
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2016 – 2019: ITC tax credit remains at 30 percent of the cost of the solar system
2020: Owners of new residential and commercial solar panels can deduct 26 percent of the total cost of the solar system from their taxes
2021: Owners of new residential and commercial solar panel systems can deduct 22 percent of the total cost of the solar panel system from their taxes
2022 onwards: Federal credit for residential solar energy is no longer available – owners of new commercial solar panel systems can deduct 10 percent of the cost of the solar panels from their taxes
The Investment Tax Credit was created to allow individuals or businesses to deduct a certain percentage of solar investment costs from their taxes established by the Energy Policy Act of 2005, expiring in 2007. However, Congress extended the expiration date several times in support of the US economy and its transition to clean, renewable energy. Due to the ever-changing policies, the ITC makes it imperative for Californians to invest in their solar systems sooner rather than later.
With over 20 years of solar industry experience, California Solar Electric Company has been empowering northern California homeowners and businesses to qualify for affordable solar systems. Our team of experts can help you learn how to get the maximum benefit for investing in a California 2020 solar installation. Learn how you can deduct 26 percent of the installation costs from federal taxes by obtaining your personalized solar quote here.