Save Thousands Before this Offer Disappears!

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.

Indiana recently passed Senate Bill 309, which can be unfortunate news for solar panel owners. Senate Bill 309 eliminated the requirement to “net meter” residential solar systems for publicly owned utilities. In other words, starting in the not-too-distant future, the excess energy generated by your Indiana home’s solar system will no longer mean money in your pocket. It will be given to the electric company instead, and they can sell it.

Fortunately, if solar systems are installed and operational by December 31, 2017, customers are grandfathered into the current net metering policy for the next 30 years!

Indiana homeowners, the time to act is NOW!

Icon Solar has received a timeline from the Indiana Distributed Generation Alliance indicating that people who are interested must have their interconnection application submitted by October 19, 2017 at the very latest. The whole timeline is copied below. But not to worry: with Icon Solar’s turnkey service, we take care of all of the details in the timeline.

If you are interested, be sure to contact us as soon as possible to take advantage of this tremendous benefit.

Timeline                                               Steps

October 19, 2017                              Application submitted

November 2, 2017                            Notice that application is complete (10 business days after submission)

November 28, 2017                         Notice re whether facility is approved (15 business days after notice)

December 12, 2017                          Notice re inspection; agreement sent (10 business days after approval)

December 14, 2017                          Customer signs and returns agreement sent (10 business days after approval)

December 31, 2017                          Installation complete

Five Things You Need to Know About the Solar Tax Credit

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.

1.It’s a 30 percent tax credit.
That’s 30 percent of what you spend on the purchase and installation of your solar WandaSidebarsystem right back into your wallet. That means thousands of dollars.

2. You need to install by December 31, 2016.
If you purchase and install your solar system before the end of the calendar year, you can receive this credit when you file for your 2016 taxes. This means you can begin getting your money back in only a matter of months!

3. It can be up to $10,000 off the cost of installing solar.
Yep, you read that right. Right back into your wallet it goes. If you’ve ever renovated your kitchen, finished your basement, or put an addition on your home, you know it’s not only pricey, but the government doesn’t give you any of that money back! Just like those home improvement projects, solar adds significant value to your home.

4. It’s a credit.
The credit amount is taken directly off your tax payment, rather than as a deduction from your taxable income. So, it’s given to you in addition to any refund you’re owed. But it’s important for you to know the tax credit only offsets tax that you would otherwise have to pay. Everyone’s tax situation is different, so be sure to consult with your tax advisor about how much you will benefit from the credit.

5. Everyone’s tax situation is different.
The cost of your unique solar system, your taxable income, the amount withheld for federal taxes and your specific circumstances will determine how much money your credit is. Here is one example for you:

  • Cost to install solar system: $30,000
  • Taxable income: $60,000
  • Amount withheld for federal taxes: $18,000
  • Federal tax liability: $15,000
  • Tax refund: $3,000
  • Solar credit: $9,000
  • Total back from government: $12,000 (time to break into your happy dance!)

So here’s your action plan. Call Icon Solar (like, now). Purchase and install solar. Roll out your red carpet and walk into tax season like the superstar you are.

Have questions or comments for us on this blog? Talk to us here.

 

Save Thousands (and Thousands) on Solar Installation with a Federal Tax Credit Added Bonus: We Do All the Work

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.WandaBlog2

Icon Solar will walk you through your specific solar panel and solar investment tax credit situation, plus handle the paperwork! We can also help you find any additional incentives available to you, such as state tax credits, utility grants or production-based incentives.

The solar investment tax credit is nonrefundable, meaning you won’t get a tax refund for the amount of the tax credit that exceeds your liability. If your savings exceed the amount of tax you owe, you can carry over the unused amount of tax credit to the next year. Think of it as a store credit. You then have a credit you can use specifically for taxes. Sounds pretty nice, doesn’t it?

To be eligible for the 30 percent federal tax credit on your 2016 taxes, you must meet all of the following criteria:

  • Your solar panel system is purchased and installed before December 31, 2016. (That’s where Icon Solar comes in!)
  • Your solar panel system is on a primary residential location in the U.S.
  • You own your solar panel system, aka you purchased it with cash or financing.
  • You’re claiming the “original installation” of the solar equipment.

Remember, we’re your solar experts, not your tax experts, but with our in-depth knowledge of the solar tax credit, we can help you make wise decisions. We know you’re itching to see what your savings could be with solar. Give us a call to make an appointment with one of Icon Solar’s specialists! Let us take you step by step through your solar savings.

Have questions or comments for us on this blog? Talk to us here.