Many people are interested in installing solar, but the upfront cost sometimes puts them off from making a great investment. What most homeowners and commercial property owners don’t realize are the great tax benefits that going solar offers. Not only will installing solar panels on your property help you save on your energy costs, but you can also reduce the initial cost of installation thanks to generous tax credits and simultaneously increase the value of your property.
Why Should You Go Solar Now?
Solar is no longer a novelty. It’s a well-established technology that has evolved to become ultra-efficient and affordable. In fact, solar technology is extremely well optimized, so it’s unlikely there will be any major advances in the upcoming future — making investing now a safe bet.
With the incentives to go solar as high as they’ll ever be and many available financing options, you can end up paying less for your solar system each month than you were previously paying for your electricity bills.
How the 30% Solar Tax Credit Works
Both residential and commercial solar systems are eligible for a 30% solar tax credit until 2020. The federal solar investment tax credit (ITC) allows you to receive 30% of the cost of your solar system back on your tax return.
However, the 30% solar tax credit is only available until 2020. Then it will drop to 26% and finally decrease to 22% in 2021 before it disappears entirely for homeowners and drops to a permanent 10% for commercial property owners.
Take Advantage of Local Solar Incentives & Rebates
In addition to the current federal solar investment tax credit of 30%, there are also local incentives and rebates available for making the switch to solar.
Denver, CO Area Solar Rebates
Although Colorado doesn’t have any state tax credit for solar, there are utility incentives and net metering you can take advantage of to increase your savings. You can also then receive credit on your utility bill for each kWh your system produces and sends to the grid.
Installing a solar system — and therefore increasing the value of your property — won’t increase your taxes. By installing solar, you’ll be exempt from increased property taxes based on your investment.
Austin & San Antonio Solar Incentives
Just like in Colorado, Texas also has a renewable energy systems property tax exemption, so when you install a new solar system for your home or commercial property in the Austin or San Antonio area, you won’t pay extra taxes on the additional value your solar panels add to your property.
On top of adding value to your property, you can also receive incentives from your utility company. CPS Energy, Austin Energy, Oncor, as well as other utility providers offer varying rebates based on the size of your solar system and how much power it produces.
Count on CAM Solar
Installing solar won’t only help you save, but it’ll also increase the value of your property without increasing your taxes.
The expert team at CAM Solar specializes in installing American-made solar panels and equipment so you don’t have to pay a premium on imported panels due to the solar tariff. We’ll also work with you to determine exactly which rebates and incentives your new solar system in Denver, San Antonio, or Austin may be eligible for.