How 2019's Tax Credits Cut down Solar Power Expenses by 30%

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Anyone investing in Solar Power in 2019 is set to benefit from a 30% federal government tax credit. But sadly, 2019 is the very last year and the last chance to make those reductions. If you've been thinking about investing in solar, there has never been a greater time to get started than now!

Solar power property owners could effectively earn a 30% discount. Solar energy power specialists are estimating, on average, a huge $13,500 saving. It's unlikely we'll see such a chance again, with tax credit reductions diminishing to 0% over the upcoming few years.

Solar power systems are becoming more and more in demand, due to the savings made and the green impacts. The 30% tax credit has boosted solar installations throughout the country as property owners take advantage of the huge financial benefits.

Is There Enough Time To be Eligible for the 30% Fed Tax Credit?

If you act fast, yes. But to be qualified for the tax credits the set up will have to start within 2019 - so act now!

  • The tax credit percentage is set by the year when the solar installation began.
  • The tax credit is qualified even if the construction is not completed in 2019.
  • The solar installation must be fully operational by December 31, 2023.

The best solar power companies will be able to work fast and ensure installment is at least started in 2019. This will make you qualified to apply for those tax credits. These solar companies are often very educated on the savings and financing side of the job. They may even offer a solar financing service to ensure you make the quickest return from your investment.

In most residential cases, a solar installment can be as swift as two days. It's worth calling your local solar power provider to see how they can help you with that 2020 cutoff coming fast.

What are Solar Power Tax Credits?

Fed solar tax credits allow property owners to deduct up to 30% of the cost of the solar installation in the U.S. Whether it's a commercial or residential property, there is no limit to the value of a system which eligible. It's a very good chance to make savings for photo voltaic energy owners, big and small. 2019 has seen a 30% tax credit extended until the end of the year. Over the next few years, the tax credit percentage will reduce to 0%.

Just How Much Can I Save Through Solar Power Tax Credits?

Solar power owners can effectively earn a 30% reduction on a solar power installation in 2019 thanks to the federal solar tax credits, irrespective of how much the system costs.

For example, if your solar power set up costs $10,000, then you can receive a 30% tax credit of $3,000. This is proving hugely popular for Clearwater solar power and St. Petersburg solar power clients, with vast savings being made for all.

  • Help make solar energy installation more economical.
  • It encourages property owners to buy their own solar systems. Leasing does not qualify for tax credits.
  • It helps improve the solar power industry.

Federal Tax Credits Can Help Cut the Costs of:

  • Solar Power Set Up Fees
  • Solar energy Equipment
  • Shipping Fees
  • Engineer Fees
  • Electrician Fees
  • Roofing material Fees
  • Permitting Service Prices
  • Permit Fees
  • And More

A Quick History of Solar Power Tax Credits

In 2005 the EPA established the 'Energy Policy Act.' This featured a solar tax credit that was set to end in 2007. But due to its popularity and boost for the solar industry, it has been extended for over a decade. In 2019, home and business owners have one last opportunity to make record financial savings.

  • 2019 - 30% Solar Tax Credits until December 31, 2019.
  • 2020 - A decrease to 26% Solar Power Tax Credits
  • 2021 - A decrease to 22% Solar Power Tax Credits.
  • 2022 and onwards - Only new commercial solar energy system installations will receive a 10% tax credit reduction.
  • 2022 and onwards - 0% tax credit for residential solar installation.

What are the Requirements to be Eligible?

Solar power owners must be aware of the following to ensure they are eligible for the 30% tax credit reduction:

  • The solar installment must have started by December 31, 2019.
  • You must own and not rent the property.
  • You must own the solar panels, not lease.
  • You can still obtain tax credits if you purchased your solar panels with a loan.

Just how Do I Claim the 30% Solar Tax Credit?

When filing your 2019 tax return, you should:

  • Check that your installment started before December 31, 2019.
  • Collect any receipts related to the cost of solar power.
  • Complete IRS Form 5965
  • Add the Tax Credits to Form 1040
  • Call your local photo voltaic power installation company for more info.

Is Energy Storage Eligible for Tax Credits?

Energy storage systems are qualified, but only if they are combined with photovoltaic arrays or other renewable energy systems that are eligible under the incentive. This means you can't receive tax credits for a storage system alone. It must be part of a full solar system.

  • Non commercial owners will receive a tax credit if 100% of the storage's charge is provided by solar power.
  • Commercial owners will receive a tax credit if at least 75% of the storage's charge is provided by solar power.

How to Identify the Best "Solar Power Provider near Me"

Local solar power providers are easy to find, but the best have certain stand-out services and promises. Once you start looking, make sure they are:

  • A NABCEP Certified PV Installer
  • Licensed & Insured
  • Promise at least a 25 Year Life Span
  • They have extensive experience.
  • Promise expert maintenance.
  • Have five-star reviews across the board.

If you want that federal tax credit reduction of a great 30%, then act today! With huge savings to be made, there is no reason to delay. Don't spend 2020 regretting it, contact your local solar power provider now.

If you live in Florida near the Tampa Bay, St. Petersburg or Clearwater area, be sure to find out about Florida Power Services "The Solar Power Company". Florida Power Services has been labeled as the top-rated St. Petersburg Solar Power Company for over 17 years. Their Clearwater solar power installers has received various awards of excellence for quality and customer satisfaction offered. Florida Power Services "The Solar Power Company" has three helpful locations to better serve you.

Florida Power Services
 "The Solar Power Company"

503 E Jackson St
Tampa, FL 33602
(727) 667-9955

Florida Power Services
 "The Solar Power Company"

500 S Belcher Rd
Largo, FL 33771
(727) 667-9955

Florida Power Services
 "The Solar Power Company"

415 62nd St NW
Bradenton, FL 34209
(727) 667-9955

www.floridapowerservices.com

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