Solar Tax Credit Extension: Renewing Hope in 2021

How to Take Advantage in 2021

Solar Tax Credit Extension in 2021. Whenever you hear the words “Tax Credit” it should be music to your fiscally minded ears. A completely legitimate way to save money while helping yourself out in the long run. While researching solar panels, you may have run across the solar Investment Tax Credit, also called the federal solar tax credit

The current federal solar tax credit guidelines were extended through 2022 when former President Donald Trump signed the Consolidated Appropriations Act. This is great news for anyone interested in getting a residential solar panel system in the next two years for a whopping 26% tax.

Tax Credit Math Lesson

Just how much will that 26% tax credit save you? Let’s say you pay $14,000 for a solar panel system in 2021, you would be eligible for a $3,640 tax credit. You must also remember that any other incentives from your state or utility company aren’t included in the total. So if you receive $4,000 in state or utility incentives, only $10,000 of the original $14,000 cost could be applied to the federal solar tax credit, taking the total credit down to $2,600. 

If you don’t take advantage of the current 26% tax credit, you’ll get less money back if you buy solar panels after 2022.

 Requirements for Tax Incentives

  • Your solar system must be installed in the calendar year the tax credit is active
  • The system must be located in the US at a primary or secondary residence
  • You must be the owner of the system, having either paid with cash or through financing
  • The solar system has never been installed or used before

What Expenses Are Included?

  • Solar PV panels or PV cells used to power an attic fan (but not the fan itself)
  • Contract labor costs for onsite preparation, assembly, or original installation, including permitting fees, inspection costs, and developer fees
  • Balance of system equipment, including wiring, inverters, and mounting equipment
  • Energy storage devices that are charged exclusively by the associated PV panels
  • Sales taxes on eligible expenses
  • There is no maximum amount that can be claimed

For More Information

At NC SOLAR NOW, we are North Carolina’s Most Trusted solar panel installer and embrace the philosophy that solar is for everyone!  NC Solar Now is your trusted  local solar installation partner.  We are a pioneering force in empowering communities across North Carolina with sustainable energy solutions. As a leading solar provider, we specialize in designing, installing, and maintaining state-of-the-art solar systems tailored to meet the unique needs of our customers. Committed to innovation, reliability, and environmental stewardship, NC Solar Now transforms spaces, illuminating a brighter, greener future for homes and businesses. 

NC Solar Now takes pride in being certified experts in solar installation, ensuring the highest standards of quality, safety, and professionalism in every project we undertake. Our team consists of highly trained technicians who are certified by leading industry organizations, equipped with the knowledge and expertise to deliver superior solar solutions tailored to your needs.

By choosing NC Solar Now, you can trust that your solar installation will be carried out with precision and attention to detail, meeting and exceeding industry standards. Our certifications not only demonstrate our commitment to excellence but also provide you with peace of mind knowing that your solar system is in the hands of skilled professionals. Experience the difference that certification makes with NC Solar Now and embark on your journey towards a brighter, more sustainable future today.

Check us out on Facebook or Instagram. We’ll be by your side from your first free virtual consult through our warranty period and beyond. Visit us online at NC SOLAR NOW, send us a message, or call us at 919-833-9096.

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Are you still wondering if solar panels are right for you? Are you considering going green with your house but you’re concerned about the cost? Our team can walk you through any questions or concerns you have. Set up a no-obligation call with us, and we can explain all the benefits of solar power to your home (and to your bank account).
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