Have you been contemplating installing solar panels for a while? With all the uncertainties that have come with COVID-19, you may have put the idea on the back burner. Are you wondering if now is the right time? You’re not alone! It’s understandable to have questions. Who doesn’t? Yet, it’s still important to focus on the value of having a solar power system and how it may impact your financial future.
The fact of the matter is that there are significant financial incentives to make going solar worthwhile in 2020. These include:
- Residential Arizona Solar Tax Credit reimburses you 25 percent of the cost of your solar panels, up to $1,000. This is taken right off your personal income tax in the year you install the system.
- Sales Tax Exemption means you don’t pay any sales tax on the purchase of a solar system.
- Property Tax Exemption waives any additional property taxes on the value you’re adding to your home by installing solar panels.
- Federal Solar Investment Tax Credit (ITC) provides a 26% rebate on the cost of a solar power system. This is a dollar-for-dollar reduction against your federal income tax. Note that this credit is stepping down to 22% in 2021. After 2021, the federal tax credit for residential solar ends.
Along with this immediate savings, remember that a solar power system offers long-term energy expense stabilization. This can help you save and even make additional money over both the short and long term. At Cool Blew Solar, we believe that going solar should be made simple, too. So, we have several financing options available.
The shift toward solar was happening long before COVID-19 hit and will continue for many years to come. With a solar power system, you can gain peace of mind that your energy costs will be contained at a set price, providing you a little more certainty in good times and especially when uncertainty hits. Call us today to find out how solar can work for you.