Posted Thursday, September 22, 2016
What Does the Federal Solar Tax Credit Mean for You?
Earlier this year, there was some understandable fear from solar power industry analysts. There was writing on the wall that seemed to point to the end of what was a very successful federal government incentive for residential property owners; the credit was a huge boon for those wishing to purchase and install solar power generation systems on their buildings. Up to 30% in rebates from the ‘Fed’ meant that homeowners could spend less while making themselves more energy independent.
The reason for the fear was one part political and one part logistical. Could the house and the senate agree that solar power development in the US is a continually good thing, both for the economy and for homeowners? Could small businesses like Urban Solar continue to thrive if the credit went away? As you can see, there was a lot to be worried about.
Legislation critical to the extension of the tax credit was effectively passed into law just a few short months ago, and the implications for homeowners are huge. Firstly, the extension brings the term of the program all the way out to the year 2020 for the 30% rebate and 2022 for a scaled-down, 10% rebate. This doesn’t necessarily mean that it’s a good idea to wait until 2020 to install a new solar system; rather, it simply lets homeowners breathe a little before they make the decision to go solar.
Regarding that decision: if the federal solar tax credit sounds like a good reason to seriously consider integrating solar power into your home or building, contact us and let us help. Even though the technology and installation process may seem complicated and daunting, we do a great job of de-mystifying it for you. What’s more, our energy assessment is completely free and takes just a few hours.