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.