Solar Incentives and Tax Credits
Obviously, one of the main benefits of buying and installing a solar panel system in and around your home is that you start saving money almost immediately. By far, the average system will generate far more electricity in a given day than the typical home consumes. You can either choose to store that excess power in a battery to be used in the event of a power outage, or you can feed it back to the local utility grid – which will actually cause your electricity meter to run backwards, thus saving you quite a bit of money every month. But there are other ways to save on solar. There are a wide range of different incentives and tax credits, for example, that are absolutely worth a closer look.
Residential Solar Systems Tax Credit
One of the great things about the Residential Solar Energy Tax Credit is that it allows you to get a 26% of the total cost of your system that offsets your personal income taxes owed for a given year. The only caveat to this is that the maximum amount of the credit in a specific year can’t be more than $1,000. So while this isn’t necessarily going to offset the cost of your entire system, when you consider it alongside all of the other tax credits and benefits you enjoy it will go a long way towards letting you save money almost immediately.
Likewise, the solar panels must be installed in the same home that you currently use as your primary residence.
