Homeowners all around the world have embraced solar energy to take control of their power. Reducing their reliance on the energy grid, solar panels have given homeowners a form of freedom from utility companies.
The residential federal solar tax credit (ITC) gives you a dollar for dollar reduction against your federal income taxes equal to 30% of the final cost of solar energy systems installed on your home. This tax credit drops to 22% in 2023. Go solar now before you lose out on thousands.
SRECs represent the green value of your electricity. For every 1,000 kilowatt-hours (kWh) of electricity generated by the solar panels on your roof you’ll earn 1 SREC, which you can sell to your utility to lower your energy bills even further. Prices may fluctuate but an SREC could be worth as much as $300.
This allows homeowners to remove the added value of their solar panels from the valuation of their home for tax purposes. There would be no additional tax even after the value of your home increases.
Provide an exemption from the state sales tax (or sales and use tax) for the purchase of a home solar system. This type of exemption lets you reduce the upfront costs of your solar panel installation, and may include sales, storage, and use of components used in solar energy systems.
On top of these excellent solar incentives, our home solar plans start from $0 down. There hasn’t been a better time to switch to solar. The future is here!