Many homeowners wonder when they should make the switch to solar. In our opinion, there’s never a better time than the present. For most, the financial and environmental benefits of solar are significant. Thus, the sooner the installation, the faster that these benefits can be gained.
Take Advantage of Federal and State Credits
Currently, there is a 30 percent federal solar tax credit, called the investment tax credit (ITC). This enables you to deduct 30 percent of installing a solar energy system from your federal taxes. This credit is available for both residential and commercial systems with no cap on its value.
Available tax credits for installing solar are not set in stone. What is available now will not be available in the coming years. If you want to take advantage of tax credits before they expire, don’t delay your solar installation. This tax credit will remain at 30 percent through 2019. However, the percentage drops to 26 percent in 2020 and 22 percent in 2021. From 2022 onwards, there is no more federal credit for residential solar energy systems.
There are also Arizona state solar tax credits and incentives. The Residential Solar Tax Credit reimburses up to 25 percent of the cost of solar panels, up to $1,000. Also, you’re not required to pay sales tax on the purchase of a solar system.
Lock in What You’ll Pay for Electricity Each Month
By waiting to go solar, you’ll continue to pay for the continuously rising cost of electricity. If you buy a solar panel system, you’ll eliminate utility electricity costs and not have to deal with future utility rate hikes. For every year that you don’t have solar, expect to pay more.
Financing Options Are Simple
Currently, there are several financing options that make installing solar affordable. These may change over time depending on market changes. At Cool Blew Solar, we recommend that you at least begin exploring your solar opportunities today. And, we’re here to provide you with a free, no-obligation quote.