Did you know that the federal government has a 30% solar tax credit that consumers can take advantage of through 2019 ? The Federal Solar Tax Credit Pays for solar being installed on your home or business.
So how does this tax credit work ? Well we’re going to break it down and make it simple for everyone to understand.
There are two types of tax payers and we will explain both.
Lets say you payed taxes all year and let’s say you payed 15,000 into federal taxes. At the end of the year you do all your deduction and you get a $4,000 dollar return. In this scenario you left 11,000 dollars to the federal government.
Now let’s say this same year you purchased a solar system for $30,000 dollars.
Payed into taxes $15,000
after normal deductions your getting $4,000 back as a return.
purchased solar system $30,000
solar tax credit available $9,000
now your getting $13,000 dollars back instead of $4,000.
on the same page if you owed $15,000 at the end of the year you could deduct the $9,000 dollar tax credit from the $15,000 you owe making your remaining balance only 6,000 instead of 15,000.
A team of professionals is available to assist you and figure our if and how much of your federal taxes can be leveraged to pay for your new solar power system . In most cases home owners are able to leverage the full 30% within their first two tax cycles and this allows them to obtain excellent financing options with our preferred financial institutions.
We can help you better understand how you can leverage this 30% solar tax credit and let your tax dollars work for you. If you’d like to learn how to leverage your tax dollars to pay for your solar energy system click the link here and one of our specialists will reach out to you directly : https://www.48solar.com/request-an-evaluation/