Saving money and saving the environment is constantly tugging at the edges of our collective consciousness. Solar panels may seem like a far off dream for many of us, but it doesn’t have to be. There are many benefits to switching to solar panels. In fact there are so many pros that solar panels host a wide span of rebates attached them. Not only are energy cost savings a huge perk, these rebates are just another reason to go green.
This credit is able to be applied to any home or business that you purchase a complete solar package for. It can also be used for RV’s or boats which have been registered with the IRS as a second home. Additionally, you can apply it to emergency backup systems and expansions of your current solar energy system. This tax credit is also able to be rolled over into the next year if the tax credit amount is beyond your tax liability. The credit is good for up to 30% of your new solar systems.
This credit is given for solar panels which heat a homeowner’s hot water. At least half of the home’s energy must come from solar power. In some situations, the credit is able to be carried over as with the federal credit. Unfortunately, the credit cannot be used for hot tub and pool heating purposes, but in using solar power to heat them, you will save money on future energy bills!
This credit is extended to buildings who install solar lighting, building envelope or heating/cooling, etc. The deduction ranges from $0.30 to $1.80 per square foot depending on the technology installed and the amount of energy savings that is acquired through the installation.
These are just a few of the federal programs available to property owners. There are additional tax breaks and rebates available which vary by state. To search for rebates by state go here.
If you have questions about solar energy or you’re ready to go green and save money, contact us!