Installing a solar photovoltaic system, or a solar panel system for your home’s energy, is a big step for homeowners who want to reduce their electric bills, increase their property value, and decrease their impact on the environment. While the size and cost of the solar power system varies based on the amount of energy a home consumes, solar is a large investment for homeowners. Fortunately, there are incentives and tax credits that can be claimed alongside flexible financing options to reduce the overall cost, making going solar an attainable goal for many.
What does Kentucky Senate Bill 100 mean for you as potential solar owners? And what does it mean for current solar owners? Let’s take a look.
Municipalities are treating solar in vastly different ways. Some with tight restrictions on solar have now opened up the world of renewables for the greater good. Some have restricted the freedoms the public have once rightfully enjoyed. On March 26, 2019, Kentucky and its fossil fuel lobbyists finally succeeded in what they’d been trying to do for years: eradicate net metering benefits with the Senate Bill 100.
Not only does solar power provide enough energy to power your house, it also frequently overproduces energy. “Net metering” provides a way for solar power users to bottle up their excess energy and sell it back to their utility companies for a credit! The credit can in turn be used to power your home at night or simply to further reduce your monthly utility bill.
When you purchase and install a solar system, you are eligible for a solar investment tax credit. This was developed to support the deployment of solar energy in the United States. Long story short, solar energy is the way to go. Here are five things to know about the big bucks you can get from Uncle Sam for installing solar power in your home.
When you invest in solar panels, you can receive a federal solar investment tax credit. We’ve been telling you that solar panels are a great investment, and the federal government agrees! Let us break down how we can help you save thousands on solar panels for your home in Cincinnati, or anywhere in Ohio, Kentucky or Indiana.
A tax credit is a dollar-for-dollar reduction in the amount of income tax you would otherwise owe. Our way of explaining it? More money you get to keep in your pocket. If you purchase and install a solar system by December 31, 2016, you are eligible to receive a 30 percent solar tax credit on your 2016 tax return. Depending on your customized solar system, this tax credit can be upwards of $10,000.