If you’ve been on the fence for a while about using solar energy for your home, the 2020 Federal Tax Credit is absolutely the sign you’ve been waiting for. The tax credit, a solar energy incentive voted on by the US Congress, can be claimed on federal income taxes for a percentage of the total cost of a solar energy system that utilizes the photovoltaic effect, like the ones we offer at ProSolar Florida. All systems installed in 2020 will qualify homeowners for a 26% credit on their costs, and all systems installed in 2021 will qualify homeowners for a 21% credit on their costs. So that means big savings in the next two years for you and your family if you act fast. But we don’t want to bait you, we want to inform you—so check out the details of the tax credit below:
How Does It Work?
If you install a solar energy system onto your primary or secondary residence and have it functioning within the taxable portion of the year, then you qualify for the tax credit. Simply claim the costs of installation as part of your tax forms for 2020, and 26% of the cost will be reduced from your federal taxes. At ProSolar Florida, we make it easy – we apply this 26% credit right to your invoice.
Does this actually make the costs of installation worth it? Let’s break it down:
- The cost for installing a solar energy system includes the devices, site preparation, labor costs, permitting fees, inspections, and developer fees. There are also optional features to every solar energy system and sales taxes associated with the transactions. So of course, these can add up quickly.
- The federal tax credit guarantees that you’ll get 26% of those costs returned to you as part of your tax processing for 2020. Think of it as your energy coupon—who doesn’t love getting more than 25% off?
- You can also count on other returns on these costs such as installation financing (if qualified) and the remarkable savings on your monthly energy costs that will allow you to quickly pay off any remaining balances, with most users completing their payoff in six to eight years even without the tax credits.
Time Is of the Essence
If you’d like to take advantage of these credits, we would love to get you started today! Remember, the installation and functioning of the system need to take place before December 31, so the sooner we talk, the sooner you can count on those savings. At ProSolar Florida we offer a risk-free consultation, so you can reach out today and learn all you need to know about our costs, timelines, and the extraordinary benefits of using solar energy for your home
Visit us online today at https://ProSolarFlorida or call 305-928-1266 to speak with a Solar Energy Specialist if you’re in southeast Florida! We can’t wait to help you discover the possibilities of solar energy.
You can learn more about the federal government’s view on solar energy when you visit https://energy.gov/eere/solar .