Time is running out! No, the sun isn’t going to stop shining and leave you without the opportunity to enjoy the benefits of solar panels. At least, we don’t think that’s going to happen any time soon. However, being able to take advantage of solar tax incentives to cover some of the cost of your solar energy system definitely isn’t something you have much time left on. The Federal Tax Credit for Solar Photovoltaics offers a dollar-for-dollar reduction in your income tax liability. Hence, a percentage of what you spend to gain the benefits of solar panels translates to a reduction in the amount you need to pay in taxes.
The tax credit applies to solar energy systems that were placed in service during specific years. It had provided for a 30% credit in 2016 through 2019, but the solar tax incentive for 2020 is 26%. You must take advantage of this before December 31st or the percentage drops to 22% for 2021 and 10% in 2022.
The benefits of solar panels include more than just saving on your energy costs. They can also give you peace of mind that your family will not be left in the dark if the power goes out. At 3 Guys Solar, LLC, we can set up your system with solar batteries so you always have reliable power. No more losing a refrigerator and freezer full of food during an outage or not being able to learn what is going on in your Orlando, Florida community during the critical days after severe weather. Reach out to us to learn more about the benefits of solar panels and what we can do for you! Don’t miss out, call today!