The time is ticking for tax breaks with solar
Homeowners need to be aware of what makes solar so affordable. It’s called ITC. The Investment Tax Credit (ITC) is currently a 26% federal tax credit benefit that lowers the tax liability for homeowners and businesses who go solar.
The year after the solar system is installed, a homeowner will get 26% of the cost of the system deducted from what they owe the IRS. This is big for savings and getting money back from your taxes. Also, a quarter of the price of the system goes away.
The bad thing is that this tax incentive is stepping down. It was 30% last year and will drop to 22% in 2021, before going away entirely the following year. It will still be in place for commercial clients to get 10% ITC in 2023 and after but residential clients have this year and next year to take advantage of this tax credit before it goes away.
The great news is you still have time to get the savings and increase the value of your home by making it energy efficient. Plus no one ever complained about fewer taxes.
To qualify for the 26% ITC, the system needs to be installed by December 31. There is sure to be a mad rush for area installers in San Diego this year, and many companies may be sold to full installation capacity as early as August. That means it’s time to look for a solar installer now.
Signing up for solar with Secured Solar Roofing takes 60 seconds and an area specialist will contact you shortly thereafter. This will take care of your savings before the summer heat brings in the high bills and assures you that you’re in place for the 26% ITC.
Secure Roofing and Solar has and will continue to service San Diego for over 30 years providing service in Solar & roofing. There are many programs in place where installations financed and affordable.
No matter if your motivation in getting solar is to save money, protecting the environment, increasing home value — homeowners have a special reason to make this the year they make it happen.