by Ryan Davis, on Nov 21, 2019 4:19:09 PM
Changes are coming to federal tax credits. Make sure you’re receiving all the benefits.
One of the great things about investing in a solar power system is that it's easy and affordable. That's due, in part, to local and federal tax incentives. Illinois offers SREC and net metering that combine to simplify the costs of installation and energy usage. But new changes to the federal tax program could mean you won't save as much if you don't act now. How is the program changing, and what does it mean for your Chicago, IL property? Find out below.
How the Tax Credit Is Changing
Homeowners can currently enjoy a 30 percent tax credit thanks to the current federal incentives. However, starting next year, those savings won’t be the same. According to the Solar Energy Industries Association (SEIA):
“Beginning on January 1, 2020, the 30% ITC drops to 26%, followed by a gradual phaseout for residential solar by 2022. This means that if you want to maximize your tax savings when going solar, now is the time to get quotes and install a system.”
According to the article, homeowners can benefit from systems that are installed and operational before the end of the year. Additionally, homeowners can only receive credit if they own their own system.
Thankfully, there are still plenty of other ways to save on your energy bill and enjoy other benefits that help offset the cost of your solar installation. Plus, SEIA continues to work toward securing an extension to the ITC, so homeowners can enjoy the full range of federal benefits.
Experience the Benefits of Solar
Even if the ITC changes, there are still plenty of reasons to go solar. Thanks to SREC and net metering programs, the state of Illinois makes it easy for your system to benefit your budget and your community.
Can a solar energy system help reduce your energy costs? At Summit Solar, our goal is to ensure 100-percent energy from solar. Through our initial discovery, advanced shading analysis, and in-depth system design, we can determine how much you'll save and whether going solar is a sensible decision for you.
We don’t want to sell you solar that won’t save you money on your monthly energy bill. If it doesn’t make sense, we’ll let you know.
Want to find out how your property can benefit? Click here or give us a call at 864-250-0026 today!
