Over the last decade, the popularity of buying solar panels for residential homes has exploded in popularity. More families are ready to try innovative ways to slash their utility bill by more than half, reduce their carbon footprint, and increase the resale value of their home.
However, we are living in a real-time moment where more people than ever before are clambering to buy solar panels from a reputable provider, and this is primarily due to the soon-to-be departed ITC.
What is the ITC Credit for Buying Solar Panels?
Also known as the federal solar tax credit, the investment tax credit (ITC) allows homeowners and businesses to deduct 26 percent of the solar panel cost from one’s federal taxes. In addition, there is no cap on its value. However, the ITC tax credit is due to expire next year, so more people are getting off the fence, looking at the data, and they are buying solar panels while they can still take advantage of this amazing cost-saving opportunity.
Even with the ITC Credit, are Solar Panels Worth It?
Buying solar panels only makes sense if you know how much money the investment will save you. This is why the best solar panel companies will come to your home and perform a free savings forecast. Basically, this entails a team of experts to come and inspect your home, the roof, and study the utility bill from the previous year up to the present date. Once the solar panel company understands how much power you use, when your peaks are, and the type of roof you have, they can choose a system best designed to save you the most. Then the projected monthly and yearly savings will be shared, along with the time it will take for your savings to pay off the investment itself. Finally, solar panel companies will factor in the ITC tax credit and additional saving opportunities to give you the upfront investment figure.
Why does the ITC Credit Even Exist?
Regardless of your political views, the US government and state governments want to stimulate local economies and allow people to have higher-quality lives. That said, the ITC tax credit serves as an additional incentive to make buying solar panels affordable for any family, regardless of income level.
Some of the primary reasons for going solar include:
Earning a great return on an investment
Protection from rising energy costs
Drastically reduce or eliminate utility bills
Increase property value
Boost US energy independence
Protect the environment
Create more jobs within a local community
Buying solar panels is a sure way to jumpstart your endeavor to have more savings and a better lifestyle for your family. Contact Solar Optimum today and learn how you can make the ITC tax credit work for you and your household’s operational cost.
