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.
You’ve done your research and know when it comes to state-of-the-art solar panel technology, Icon Solar has the latest and greatest. You also know there is a lot involved in how those money-saving panels work (and work for you). These five need-to-know words will send you on your way to massive solar savings.
You already know going solar saves you money, but you may still wonder exactly how much. Precisely how much solar panels can offset your electricity usage depends on a few variables, including how much electricity you use, the size of your solar system, the direction it faces and how much sun you get on your particular property.
This breakdown shows how the electricity offset by solar affects The Jones Family Savings at 123 Main Street, Anywhere, USA, dollar-by-dollar. These savings were calculated based on an average monthly electrical usage of 1,500 kilowatt hours (kwh) and a $0.12 cost per kwh. The Jones Family’s solar panels will offset 99 percent of those 1,500 kwh.
I’m thinking about installing solar by the end of the year, so I can get the tax credit back sooner when I file my taxes in a few months. But, I want to be sure I’m investing my money in the best way possible. Can you help me understand how solar will save me money? Does it increase the value of my home? What kind of rate of return on my investment can I expect?
Wants to Go Solar (But Still Not Sure)
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.