Articles

Ways 2019's Tax Credits Reduce Solar Power Fees by 30%

by Teja Sahib Smart Glass

Anybody investing in Solar Power in 2019 is set to benefit from a 30% federal government tax credit. But sadly, 2019 is the very last year and the last opportunity to make those reductions. If you've been thinking about investing in solar, there has never been a greater time to get set up than now!

Solar power property owners could effectively acquire a 30% discount. Solar energy power professionals are approximating, on average, a huge $13,500 saving. It's unlikely we'll see such an opportunity again, with tax credit reductions lowering to 0% over the next few years.

Solar power systems are becoming more and more in demand, due to the savings made and the ecological impacts. The 30% tax credit has boosted solar installations throughout the country as home owners take advantage of the huge savings.

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

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

The leading solar energy power companies will be able to work fast and ensure set up is at least started in 2019. This will make you qualified to apply 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 ensure you make the quickest return from your investment.

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

What are Solar Energy Tax Credits?

Federal solar tax credits allow property owners to deduct up to 30% of the cost of the solar install in the U.S. Whether it's a commercial or residential property, there is no limit to the value of a system which eligible. It's an outstanding chance to make savings for solar 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 percent will diminish to 0%.

Just How Much Can I Save Through Solar Energy 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, irrespective of how much the system costs.

For example, if your solar power installation 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 reductions being made for all.

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

Federal Tax Credits Can Help Cut the Costs of:

  • Solar Power Installation Expenses
  • Solar energy Equipment
  • Freighting Charges
  • Technician Expenses
  • Electrician Expenses
  • Roofing Expenses
  • Permitting Service Fees
  • Permit Expenses
  • And Much more

A Short History of Solar Energy 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 opportunity to make record savings.

  • 2019 - 30% Solar Tax Credits until December 31, 2019.
  • 2020 - A decrease to 26% Solar Energy Tax Credits
  • 2021 - A decrease to 22% Solar Energy Tax Credits.
  • 2022 and onwards - Only new commercial solar powered 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 installation must have started by December 31, 2019.
  • You must own and not rent the property.
  • You must own the solar panels, not lease.
  • You can still receive 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 will:

  • Check that your set up 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 energy power installation company for more info.

Is Energy Storage Eligible for Tax Credits?

Energy storage systems are eligible, 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.

  • Home 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 Find the Best "Solar Power Company near Me"

Local solar power providers 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 extensive experience.
  • Guarantee expert maintenance.
  • Have five-star customer reviews across the board.

If you want that federal tax credit reduction of a massive 30%, then act today! With huge savings to be made, there is no reason to stall. Don't spend 2020 regretting it, contact your local solar power provider today.

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 labeled as the top-rated St. Petersburg Solar Power Company for over 17 years. Their Clearwater solar power installers has received various awards of excellence for quality and customer satisfaction provided. Florida Power Services "The Solar Power Company" has three helpful 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

www.floridapowerservices.com


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About Teja Sahib Innovator   Smart Glass

6 connections, 1 recommendations, 89 honor points.
Joined APSense since, August 29th, 2017, From Jaranwala, Pakistan.

Created on Oct 22nd 2019 18:50. Viewed 174 times.

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