What is the Solar Panel Tax Credit?
On December 18, 2015, the House and Senate passed a $1.15 trillion spending bill that included an extension of the solar investment tax credit (ITC), which had been set to expire on December 31, 2016. With the 5-year extension, solar power in the U.S. is expected to triple by 2020.
How Much Can You Save?
The percentage you can save on solar panel installation will be reduced in phases, so the sooner you act, the more you can save! Here’s a breakdown of the ITC schedule:
- 2016–2019: 30%
- 2020: 26%
- 2021: 22%
- 2022: 10%
In addition, the commence construction clause extends the credit to solar projects that have started development before the above deadlines, as long as they are completed by the end of 2023.
Ready to Take Advantage of the Tax Credit?
We can help! We have the experience to design a custom Solar Energy System to fit your needs. In addition to the federal tax credit, we are currently offering a special promotion, because now is the best time to install solar panels! Fill out the form to the right to request a quote today.