Solar incentives can significantly reduce the cost of your home PV system.
If you take advantage of every tax credit, rebate and grant available for switching to photovoltaic power, you can potentially save up to 50 percent of the total system cost.
How do you find these financial incentives?
The most reliable way is to ask your photovoltaic contractor. Professional installers such as Intermountain Wind & Solar have all the information you need. Although available solar financial incentives differ by region, they share some basic characteristics.
The biggest solar incentive — the federal solar investment tax credit (ITC) — cuts photovoltaic installation costs by 30 percent. Every homeowner who purchases a PV system is eligible.
The federal ITC reduces your income tax liability for the year following home PV system installation. If you don’t owe the IRS the full tax credit amount, the balance can be carried over and claimed on next year’s taxes.
However, this amazing incentive won’t be around forever. You can only claim a 30 percent tax credit until the end of 2019. After that, the percentage steps down each year. PV system installations completed in 2020 are eligible for a 26 percent credit, and those that are up and running by the end of 2021 can claim 22 percent. After that, the federal solar ITC will be gone.
Homeowners throughout the Intermountain West can save thousands more on PV system installation, thanks to state and local financial incentives.
Different states, regions and utility companies have different offers. So although we can’t list every solar incentive here, finding your area’s rebates, grants and tax credits for photovoltaic power adoption is easy with DSIRE.
DSIRE is short for the Database of State Incentives for Renewables & Efficiency. Funded by the U.S. Department of Energy, DSIRE maintains a comprehensive, current listing of every available renewable energy incentive, along with application instructions and eligibility details.
Simply click on your state and you’ll find all of the information you need.
At Intermountain Wind & Solar, we make it easy to claim your grants, tax credits and rebates.
Once your photovoltaic power installation is complete, we’ll give you a binder filled with all of your PV system information. Manuals, warranties and other important paperwork are included — and so are the documents you need to claim every available financial incentive.
However, if you need help, we’re here. We’re not tax experts, so you may still want to see an accountant or tax professional. But our team can answer your questions and help you complete your application forms.
The professionals at Intermountain Wind & Solar, the region’s leading residential PV system installers, can tell you everything you need to know about saving with photovoltaic power. Contact us today to learn more about the solar incentives available in your area.
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