30% Solar Investment tax credit
There are many reasons why businesses and homeowners choose to go solar. One of the major motivators is the savings opportunities that can accompany this smart, sustainable investment. Thanks to the Solar Investment Tax Credit (ITC), those who go solar now can benefit from significant additional savings. Previously, this provided a 26% tax credit to qualifying residential and commercial properties that installed solar panels. The credit percentage was set to decrease steadily after the end of 2022. However, the Inflation Reduction Act (IRA) signed on August 16, 2022, extended the ITC for 10 years and increased the amount to 30%.
take advantage of the savings
This tax credit is a dollar-for-dollar reduction in the income you file at tax time rather than a discount given at the time of the project. This means you can get back nearly a third of the cost of your system.
Stitt Solar does not warrant, guarantee or otherwise advise its customers about specific tax outcomes. Consult your tax advisor regarding the tax credit to see how it applies to your specific circumstances.
The IRA also extends a 30% federal tax credit on energy storage technologies and EV chargers placed in service between January 1, 2023 to December 31, 2033! Battery storage enhances the benefits of your solar energy system and enables you to become energy independent, avoid loss of power, and ultimately increase your energy savings. Stitt Solar can be your comprehensive energy solution and ensure you get the maximum available savings when you choose to invest in solar energy.
