Incentives, rebates and tax breaks.
Oh my! Solar energy delivers positive environmental impacts, contributes to our nation’s energy independence and provides more jobs than the coal or upstream oil and gas sectors in the United States. To encourage the continued expansion of solar, governments, utilities and other organizations offer solar tax breaks and financial incentives to make solar more accessible for today’s homeowners. As a result, you can reduce the net cost of your solar panel system by anywhere from 30 to 60 percent.
Solar Tax Credits
The federal government provides a solar tax credit, known as the investment tax credit (ITC), that allow homeowners and businesses to deduct a portion of their solar costs from their taxes. Both homeowners and businesses qualify for a federal tax credit equal to 30 percent of the cost of their solar panel system minus any cash rebates.
Some states offer additional tax credits for installing a solar panel system. With a state solar tax credit, you can deduct a portion of the cost of your solar panel system from your state tax bill, similar to the federal ITC. These amounts vary by state.View Product
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