The ITC is a federal legislation offering homeowners a 30% tax credit on the cost of their solar system. In the state of Florida, other incentives exist as well, such as the Property Assessed Clean Energy (PACE) program. Average savings for the ITC amount to $9,000. You will be eligible for this credit based on the time period during which construction commenced on the installation of your system. You will claim the credit when you file your annual tax return. When you choose Suncor Solar panels, our experts will be happy to assist you with this process.
In 2006, the United States enacted the solar Investment Tax Credit (ITC), and the solar energy industry has grown by over 10,000% since then. The goal of the ITC is to incentivize residential and commercial property owners to invest in solar panels which are more eco-friendly than other energy alternatives. Solar tax credits help by making that investment more budget-friendly as well. Feel free to reach out to the team here at Suncor Solar for more information about solar tax credits and how you could take advantage of them!
Learn MoreBeyond the immediate rebate you receive on your installation expenses, solar energy offers a number of other financial perks that will pay dividends over the years. Many solar systems are backed by a 25-year warranty. Over this time period, users can save upwards of $80,000 in electricity costs. If you take out a loan to finance your system, the savings on your monthly utility bills will likely outweigh the amount of your monthly loan payment. This means you can enjoy having more money in your pocket on a daily basis from the get-go. After 8 or 9 years, the system will have completely paid for itself. You can explore the savings possibilities further by checking out the U.S. Department of Energy's solar tax credit guide.
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