The 30% solar tax credit, implemented in 2006 in order to make solar power systems more affordable for homeowners and business owners across the nation, is set to expire at the end of 2019. The industry’s solar grown has increased by 52% since the ITC was put in place, and the bill was extended by Congress for 5 years back in 2015 during this boom.
The tax credit allows a homeowner or business owner to deduct 30% of the cost of their purchased system each year. The credit itself won’t fully expire for residential until 2022, but will continually dwindle year over year if it is not renewed. From 2022, the credit will be 10% and only available for commercial energy systems, so homeowners would be forced to consider other options for lowering their energy expenses after that.
2019
30% for residential & commercial
2020
26% for residential & commercial
2021
22% for residential & commercial
2022
10% for commercial only
Homeowners that are looking to save money each month with solar should find out if they qualify as soon as possible in order to get the maximum amount of incentives.
Complete the below calculator and find out how you can go solar for $0 down.
Sources:
https://www.seia.org/initiatives/solar-investment-tax-credit-itc
