Why You Should Take Advantage Of The 2021 FTC
Good News! If you missed out on the FTC for 2020 that credited you back 26% of the cost of your solar panel system, you could still take advantage of the solar panel federal credit, which has been extended for the year 2021! So, if you’re planning to install solar panels for your home or business, and you’re not sure whether it’s worth it. Hopefully, this will give you the added incentive to do so within the next few months!
You will get a discount of 26 percent of the total value of the solar panel. The tax credit for 2021, although extended, is scheduled to again decrease in 2022, so you might want to take advantage of this before it goes even lower.
How does the solar panel federal tax credit work?
Let’s do the math. Let’s say you plan to purchase an average-sized solar panel system, with a cost of $18,000. With the tax break, the cost will be reduced by a whole $4,680, thus reducing the price to $13,320, which is a tremendous saving!
It is essential to take advantage of the Residential Renewable Energy Tax Credit before the deadline passes. It is an excellent way to save a significant amount of money. The price of the solar panels varies greatly depending on the size of the system and the company you’re dealing with. However, at Solar Solutions, we make sure to give you the best quality, service and price. As well as ensure that you know exactly what your total cost will be before we even begin the installation.
Why you should use solar energy
There are several reasons why solar energy is a better option than other types of energy sources. First of all, you will spend less energy on your utility, thus saving you money. The savings can then be applied to other uses. Another reason is that solar energy is better for environmental conservation.
If more people adopt using solar energy, there will be a reduced demand for fossil fuels. Various studies have shown that homes that use solar energy save up to $1000 on expenses, which applies even in less sunny regions such as Connecticut and Massachusetts.
You can get the Federal Tax Credit by subtracting the credit amount from the total tax imposed by the IRS. The amount of Federal Tax breaks does not have a limit on the type of solar you buy. In case you are unable to use your entire credit tax break this year, you may be able to carry it forward into later years.
Which types of solar qualify for the tax credit?
There are several reasons why solar energy is a better option than other types of energy sources. First of all, you will consume less energy from your utility company, thus saving you money! The savings can then be applied to other uses. Another reason is that solar energy is better for the environment.
If more people adopt using solar energy, there will be a reduced demand for fossil fuels. Various studies have shown, that homes using solar energy, save up to $1000 on utility expenses! This applies even in less sunny regions, such as Connecticut and Massachusetts, and countries such as Germany.
You can get the Federal Tax Credit by subtracting the credit amount from the total tax liability imposed by the IRS. The amount of Federal Tax breaks does not have a limit on the type of solar you buy. In case you are unable to use your entire credit tax break this year, you may be able to carry it forward into later years.
Get Your Estimate Today
Getting a quote for your solar panel system and the federal tax credit is easy for both homeowners and businesses. Please fill out our contact form or give us a call and let us give you a free, no-obligation solar savings estimate for your home or business!