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As we head into the final quarter of 2019, we want to make sure you know you can still go solar and save BIG with the current federal solar tax incentives. The Investment Tax Credit (ITC) aka the federal solar tax credit, applies to both residential and commercial systems, and there is no cap on its value. This means that you’ll be able to deduct 30% of your cost of installing a residential solar energy system regardless of how much you spend! Although these solar tax incentives will continue through 2022, this year is the final year for the 30% deductions; after that, they will begin to decrease year over year.
So how can you take advantage of these incredible savings? We’ll walk you through a step by step process.
Your Guide to Solar Tax Incentives
Step 1: Purchase your solar energy system
In order to take advantage of these federal solar tax incentives, you must be the owner of your solar energy system. If you lease your system, the third-party company/lessor is the owner of the system, which means they are the ones who can claim the solar tax incentives. You also must own the home or business property on which you are installing the solar energy system; rental properties don’t qualify. Another thing to consider when purchasing your solar energy system: we’re booking up FAST! For residential installations, you’ll need to schedule those within the next month, and for commercial installations you have a little more time as long as you book in the next few months.
Step 2: Schedule your system install
So you meet all of the qualifications and are able to purchase a solar energy system for your residence or business? Let’s get to the install!! In order to qualify for the 2019 solar tax incentives, your residential solar energy system must be installed by December 31, 2019. That means that NOW is the best time to contact our team so we can ensure your residential solar energy system is installed by the end of 2019. Our expert construction team will work with you to make sure we meet these installation deadlines. We’re booking up fast so reserve your spot before it’s too late!
Step 3: Claim your tax credits
Once your system is purchased and installed, you’re ready to claim your solar tax incentives. This means that you can claim all of the following when filing your returns, depending on how you finance your system (make sure you keep all your invoices and receipts!):
- Solar consulting fees
- Solar equipment
- Engineer & Electrician & professional installer fees
- Tools & equipment
- Freight shipping costs
- Permitting service costs
For residential properties, essentially you’ll need to complete IRS Form 5965, then add the credit to Form 1040. For commercial properties, earlier this year we provided an in-depth look at how to get over 50% off your commercial solar investment, by combining depreciation with the 2019 commercial solar tax incentives. The federal tax credit is a one-time credit, but it can be carried forward or backward if not completely usable in the system installation tax year. Rules about how to do this vary regarding residential and commercial tax filers. We recommend seeking the help of a tax professional if you have any questions.
It is our mission to make solar accessible to everyone – whether it’s for your home or business – and we are more than happy to provide a FREE solar consultation to show you just how much you can save by taking advantage of these 2019 solar tax incentives! We also provide a lifetime warranty and free maintenance services. Contact our dedicated team today so we can answer all your questions and provide you with your own savings estimate! Residents from your local neighborhoods are booking the last of our open installation spots for the year, so book yours today!