Thinking about going solar in 2021? We have some good news! The renewable energy tax credits have been extended, as part of the $1.4 trillion federal spending package, alongside the $900 billion COVID-19 virus relief spending bill. While the solar investment tax credit (ITC) was scheduled to be cut from 26% to 22% in 2021, this spending package is now enabling it to remain at 26% for two more years.
So, what does this change mean for Arizonans? It means big savings! Residential and businesses can still receive a tax credit of 26% in 2021 and 2022. Here’s how the credit works in this hypothetical example:
Let’s say you have a contract for a $40,000 solar system for your home. The 26% federal tax credit would give you $10,400 off, compared to $8,800 with the 22% credit. That works out to be an extra $1,600 in savings. The savings is a dollar-for-dollar credit off your income taxes for the year in which you install the solar panels. It’s applied to the cost after state incentives.
With two more years added to the step-down of the ITC, there’s plenty of reason to consider solar for your home. Get started by obtaining a free quote from Cool Blew Solar. We’re here to help you understand your options and get the maximum results from an investment in solar. We’ll also provide you with the latest information on tax credits, rebates and other discounts.
As a SunPower Authorized Dealer, we offer the most advanced solar technology to ensure you have the highest quality, most efficient products. This means more power with fewer panels – and faster pay off.
Want to learn more? Call Cool Blew Solar today at 623-234-2836 to get a free quote.