Installing a home solar array is much cheaper than it was years ago — prices have dropped more than 80 percent just since 2008. And using free energy from the sun means getting a photovoltaic system can lower or even eliminate your monthly utility bills.
Are you still concerned about the initial costs of home solar array installation?
Achieve the maximum savings with our top three tips on how to save more when you switch to photovoltaic power for your home.
Claim the Federal Solar Tax Credit for Your Home Solar Array
Do you want to save an easy 30 percent on your home solar power system?
Claim the federal tax credit, and you can! It offers a 30 percent credit toward your income tax liability. And if you don’t owe enough to claim the entire credit this year, you can take the rest on next year’s taxes.
Two things to keep in mind about the federal solar tax credit: First, you can only claim it if you own your system, so leased photovoltaic panels are not eligible. Second, this incredible perk isn’t going to last forever. You can only claim the 30 percent credit until the end of 2019. After that, the amount decreases incrementally until it disappears altogether.
Systems installed by 2020 are eligible for a 26 percent credit, and those completed by 2021 can claim 22 percent. After that, no more federal tax credit.
Use State and Local Financial Incentives for Home Solar Installation
The federal tax credit is the largest financial incentive available today for photovoltaic system installation, but it isn’t the only one.
You can take advantage of many other state and local rebates, tax credits and grants, and they can save you thousands more on your residential photovoltaic array.
How do you find these lucrative solar incentives? We can provide you with the most up-to-date information, but you can also check the U.S. Department of Energy’s DSIRE website, short for the Database of State Incentives for Renewables and Efficiency. DSIRE has a comprehensive and current listing of all available solar incentives, and the site includes eligibility details and application information.
Take Advantage of ICSI Solar Bulk Purchasing for Your Home Solar Array
To save even more on your home photovoltaic installation, join a solar bulk purchasing program. Programs like the Intermountain Community Solar Initiative (ICSI) can save homeowners an average of $4,000 to $6,000.
How does our bulk purchasing program work to bring costs down?
Think about shopping at a warehouse store. The products are discounted significantly because you are buying them in a large quantity. Solar bulk purchasing operates on the same concept. When a group of homeowners installs photovoltaic systems through a program like ICSI, the savings seriously add up!
Would you like even more tips and information on saving money on a residential or commercial solar energy system? Contact Intermountain Wind & Solar today. Based in Utah, we also serve customers in Wyoming, Idaho, Nevada and Colorado.
We look forward to helping you save the maximum amount of money on your new home solar array.