Solar =Tax Deductions
Installing a solar system for your home is an excellent choice; not only for the environment, but for your wallet as well. Putting solar panels up on your home puts you in place for tax deductions on both the state and federal level. Traditional electricity bills are always rising due to inflation and government regulations. Rates usually increase at a rate of 5-7% per year. This means that in less than 15 years, electricity companies will be charging double the amount they are charging today. Following this trajectory, coal energy costs are expected to triple within 20 years! Solar is $0 out of pocket. Customers pay a lower monthly bill than with traditional electricity. Plus, that rate is flat (meaning it won’t change, EVER). As electricity bills rise, solar panel owners will stay paying the same rate for years to come. Plus, once the solar panels are paid off, solar owners will be paying nothing for electricity and their savings increase even more. This allows homeowners to save tens of thousands of dollars on their energy bills by going solar. In addition, many states offer solar rebates for home solar power systems in the form of tax deductions. Additionally, all solar owners are eligible for the federal tax credit.
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How Do I Claim the Tax Credit?
If you own the solar energy system, then you are eligible for the solar tax deduction as soon as installation begins. To claim the credit, you must file IRS Form 5695 as part of your tax return; you calculate the credit on the form and then enter the result on your 1040. It’s highly recommended that you consult your accountant and let him or her know that you’ve gone solar to get your tax deduction.
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