The Ins and Outs of the ITC
by Kelly Anderson, on Apr 20, 2020 12:56:00 PM
Can you save with the solar tax credit?
Whether you want to “go green” or you want to help take some pressure off of the Decatur, IL power grid, you can do it with solar energy. Adding panels to your property is an easy way to ensure reliable power from a source that you can own. But there’s an even more compelling reason to go solar -- you can potentially save money. How? Through various local and federal incentive programs. Among the most popular is the investment tax credit. What’s that and how can a solar tax credit help you save on the cost of your system? Find out here.
What Is ITC?
The Investment Tax Credit is an easy way to help offset the cost of your solar panel system. As a federal solar incentive, it can help lower the cost of your installation considerably. And when you combine the savings with other, local, and state incentives programs like Illinois net-metering and SREC, you can potentially offset the cost of your monthly energy bill.
Currently, the ITC offers a 26-percent tax credit on the cost of your system. There’s no upper limit on the value of the ITC, so you’ll get 26-percent of your system back from the federal government. You must purchase your system (rather than leasing) to qualify. Plus, you have to have a tax appetite robust enough to enjoy the full thing -- you won’t get money back from the government -- but it can help you make your solar dreams a reality.
And you should consider investing in solar sooner rather than later. At the end of this year, the credit will reduce to 22-percent. That makes now the perfect time to invest in sustainable energy!
Work with a Local Professional
As your local, premium solar installer, Summit Solar can help you reach your solar goals. Our white-glove service simplifies the process, while our sleek-looking panels will seamlessly blend with your roof.
We’ll never pressure you into buying a system from us. If your home doesn’t qualify to go solar, or if you don’t have a robust enough tax appetite to receive the full benefit, we’ll help guide you to the right solution for your home. We understand that solar isn’t right for everybody. But for those who can benefit, you can enjoy a self-sustaining energy system that doesn’t become a burden on your neighborhood.
Want to learn more about the ITC, Summit Solar, or anything else to do with solar panels? We have the answers. Click here or give us a call at 888-884-3557 today!