SOLAR INCENTIVES
Your system can pay for itself in just a few short years.
Federal, state, and local governments understand the importance of sustainable energy and the high costs associated with traditional power sources. Utility companies can’t afford to maintain their infrastructure costs as homes use more and more power. That’s why, in most cases, utility and tax incentives can save customers well over 50% on the cost of energy.*
Federal Investment Tax Credit – 30%
The solar Investment Tax Credit (ITC) is a dollar-for-dollar reduction in the income taxes that a person or company claiming the credit would otherwise pay the federal government. The Federal ITC is based on 30% of the homeowner’s cost to install solar. On leased systems, the lessor collects this incentive and passes the savings on to the homeowner!
* This material is for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
State Incentives
Incentives are available in most states. Depending on where your home is located, in addition to the 30% ITC, you may qualify for Renewable Energy Credits that earn you money for excess energy. Your Geoscape Solar Advisor will help determine which incentives you can benefit from. Please view your state below.
Increased Home Value
Having a residential solar energy system on your property is known as a capital improvement which adds to your property’s value. This means that you can potentially sell your home faster and for more than homes without solar. Your investment in efficient, clean solar power also adds to the tax basis of your home. If you sell the home, this tax basis investment can be deducted from the sale’s price, reducing the amount of the price that is counted as profit. This reduces the taxes taken from the sale and may be able to help you avoid capital gains taxes on appreciation.
QUICK LINKS
Use the links below for more information.