30% of your solar system may be paid by solar rebate
Simply own a Sun City Solar System and take advantage of the 30% Federal solar rebate tax credit. Not only do you lower your tax liability, you also lower your utility bills. The Federal solar rebate tax credit is subtracted off your bottom line tax liability. The taxes you pay can now be used for a savings home improvement.! To see renewable energy incentives in all states go here DSRIE.
The solar tax credit schedule is:
- 2016-2019: 30%
- 2020: 26 %
- 2021: 22%
- 2022 and beyond: 10% (non-residential and third-party-owned residential) or 0% (host-owned residential)
- commence-construction- allowing projects to come on-line by the end of 2023 will still qualify for larger credits.
Solar Savings Vs. Bank Savings
Compare solar with other investments you may be looking to put your money. Most solar systems sited at appropriate sites have an internal rate of return of at least 10%, this means that for every dollar that is invested in solar, you will save 10% every year that you own a system. For most people its pretty easy to see that this makes sense.
When you switch to solar, you are hedging against rising utility rates. You can lock in low, predictable electricity costs for years into the future. As utility rates continue to rise, your savings will grow every year.
Residential Solar Rebate Tax Credit
The residential solar rebate tax credit is 30% of your total solar investment for solar power electric. The residential tax credit may be carried forward.
Commercial Solar Rebate Tax Credit
The commercial investment tax credit is 30%. The commercial solar rebate tax credit can be carried forward twenty years or back one year. Your solar equipment can also be depreciated. Interest on loans may also enter into the tax credit calculation under section 266 of the tax code. For a complete guide of the commercial and residential Federal tax credits, please visit www.dsireusa.org.
A tax deduction is subtracted from income before tax liability is computed. A tax credit is subtracted from the total tax liability.
Call your local office today and find out about your Solar Rebate.