It’s going to be a busy year for solar and our installation schedule is filling up faster than usual this year! We are already scheduling installations for the spring 2019. Why the rush? Because 2019 is the final year to get the full 30% federal tax credit before it drops.
What is the 30% Federal Tax Credit?
Otherwise known as the Investment Tax Credit, the Solar Tax Credit allows you to deduct 30% of the cost of your solar system from your federal taxes.
Put simply: if you spend $20,000 on your solar system, you pay $6,000 less in taxes when you file. The tax credit is different than a refund in that, you do have to owe taxes to claim the credit. If the credit is larger than your tax liability in the first year, the remaining amount can be applied the next year. Generally, all expenses included in the quote you receive from your Solar Consultant can be included in the deduction. There is no cap on the value of the credit, and it is available to both residential and commercial customers. Every tax situation is different, however. While we at Third Sun Solar are experts on all things solar, we do not provide tax advice and encourage you to consult with your accountant.
How long will the federal tax credit stay in effect?
The solar tax credit will remain at 30% for solar systems completed and placed in service before December 31, 2019. The tax credit will be reduced to 26% in 2021 and then to 22% in 2022. After 2022, there will be no solar tax credit for residential customers but a 10% credit for commercial entities will remain
Other reasons to go solar in 2019:
- Third Sun Solar is now offering ZERO DOWN financing! These solar friendly low interest loan options are easy to understand and are available to most customers depending on credit
- Electricity prices continue to rise and are never paid off. While solar prices are at an all-time low, energy prices are expected to maintain their annual tick upward, forever…
- If you live in a metropolitan area in Ohio: Dayton, Cincinatti, Cleveland, Columbus you may be eligible for the Energy Conservation for Ohioans, or ECOLink program. ECOLink provides up to a 3% interest rate reduction for up to seven years on bank loans when you complete energy efficient upgrades to your home.
Homeowners are realizing the savings and the return on investment will increase when you go solar before the end of 2019. There has never been a better time to go solar in Ohio. Since the initiation of the Investment Tax Credit, the cost of solar as dropped as solar technology and the efficiency of our installation team has improved. The cost of waiting is not worth the cost of losing out on the 30% tax incentive.
Why Third Sun Solar?
- 19 Years of experience designing and installing solar in Ohio
- Over 900 clean energy installations under our belt
- Licensed electrical and general contractor
- AMICUS Partner
- Certified B-Corp
- Woman Owned Small Business
Our schedule is filling up quickly. We urge you to make the most of the final months left to receive the full 30% federal tax incentive.
Learn how easy it is to go solar by submitting a form here, or by calling 877-Own-Solar to speak with one of our qualified solar consultants today.