30% through 2032!
Congress has decided to increase the federal tax credit (ITC) from 26% to 30% and extend it through 2032 for residential solar systems. This is a huge move for green initiatives and another reason for homeowners to switch to solar. Homeowners who have a solar system already might be qualified for the 30% federal tax credit. The credit would fall to 26% in 2033 and 22% in 2034.
This is the time!
This is the moment to install a solar system at your house. While you are waiting, the energy bill rate keeps rising. There are two ways in front of you which are you continue to pay the rising energy bills or invest in solar, save your money, and have your energy when power outages happen. There is no reason to wait and you’ll thank yourself in a year when the bills skyrocket during summer once again.
Who is eligible to claim the federal solar tax credit?
You might be eligible for this tax credit if you meet all of the following criteria:
- Your solar PV system was installed between January 1, 2006, and December 31, 2023.
- The solar PV system is located at your primary or secondary residence in the United States, or for an off-site community solar project, if the electricity generated is credited against, and does not exceed, your home’s electricity consumption. The IRS has permitted a taxpayer to claim a section 25D tax credit for purchase of a portion of a community solar project.
- You own the solar PV system (i.e., you purchased it with cash or through financing but you are neither leasing nor are in an arrangement to purchase electricity generated by a system you do not own).
- The solar PV system is new or being used for the first time. The credit can only be claimed on the “original installation” of the solar equipment.
How much you could be saving with Wells Solar?