When you combine advances in solar technology and with the energy savings that going solar offers, there’s never been a better time to invest in solar power for your home or business. Solar financing and incentives can make your solar system installation more affordable than you think!
Save with Valuable Tax Incentives
The federal solar tax credit, also called the federal investment tax credit (ITC), allows homeowners and businesses to claim a 26% credit of the cost of installing a solar energy system from their federal taxes. The tax credit applies to the cost of materials and labor, applies to both residential and commercial systems, and has no cap on its value. If your tax credit exceeds your tax bill, the excess credit can be carried into the following tax year.
The solar tax credit is declining. In 2022, the solar tax credit is worth 26% but will step down again in 2023 to 22% for both residential and commercial solar energy systems. In 2024, the ITC will be eliminated for residential home solar systems but will remain at 5% for commercial solar projects.
The solar experts at Solar Impact can provide all the documentation you must include when filing your federal investment tax credit.
Solar Financing for Your Budget
Many Solar Impact customers opt to finance their solar improvements using a home equity line of credit. Other options from lending institutions, including banks, home improvement credit companies and credit unions may offer affordable financing choices. Our helpful customer service folks can guide you to options that make sense for your budget.
Get Credit for Your Excess Energy with Net Metering
Once your grid-tied solar energy system has been installed, you may also earn credit with your local utility for the excess energy your system generates through net metering. Required for utility companies in the state of Florida, net metering is an attractive way to further maximize the financial benefits of your system after installation.