Solar panels are a great way to save on your electricity bills and help the environment. The entire world is slowly shifting to renewable sources of energy in order to avoid the disastrous environmental consequences, and protect the Earth for future generations. Whilst going solar can seem like a huge investment, it's well worth the expense. However if you’re probably interested in saving as much as you can on your solar panel purchase. Luckily, there are several ways to do so.
Net metering allows you to connect to the electricity grid and only pay the net amount of your electricity bill. The electricity grid can power your home when there’s little or no sunlight, and then collect the excess production of your solar panels during the day. Your electricity meter will automatically run backwards for every extra unit of energy that your solar panels produce, and save you on your electricity bills.
You can also save money through government incentives and tax rebates. Tax rebates and incentives vary from state to state, but there’s an abundance of options you should consider. You can search for the incentives available to you at http://www.dsireusa.org/.
A tax credit is a reduction of the income tax you already owe the government. The most popular incentive for renewable energy generated by solar panels is the Federal Solar Tax credit. The Federal Solar Tax credit is a way of reducing your income tax bill once you’ve invested in solar energy installation services for your home. Whilst you can save money by participating in net metering, which is obligatory in some states, tax incentives are available to everybody regardless of whether or not your home is connected to the grid.
The federal residential solar energy credit is a tax credit that you can directly benefit from. You can claim credit from your income tax for a percentage of the cost of your solar panel purchase. For systems installed in 2022, you can get a 26% income tax credit. Starting from 2023, the tax credit will be lowered to 22%, so now is the time to buy solar panels.
If you’d like to purchase solar panels for your home, visit SolarQuote. Our SolarQuote estimate tool will help you purchase your solar system online. It’ll be uniquely designed based on your energy requirements, building structure, budget and more. We at SolarQuote know that solar energy is a huge investment, which is why we offer a loan payment option to make solar panel installation even more affordable. Reach out to us today to find out more.