How to Find Your Personal Solar Incentives
Are you considering going solar but are worried about the cost? Have you accounted for all of the solar incentives that are available to you? Solar incentives can significantly reduce the cost of your home PV system with potentially a 50 percent savings.
The best way to find these financial incentives is to ask your photovoltaic contractor. At PRVL we have professionals that can answer any of your questions and provide information about these financial incentives.
The Federal ITC
A major incentive that every homeowner who purchases a PV system is eligible for is the federal solar investment tax credit (ITC). The federal ITC is currently at a return rate of 30 percent, however, it is expected to start decreasing in 2020.
The following year after your home PV system is installed is when the federal ITC activated by reducing your income tax liability. If you don’t owe the IRS the full tax credit amount for that year then the balance will roll over into the next year.
State and Local Solar Incentives
Along with the federal ITC, there are also state and local financial incentives you may be eligible for in order to save money on your home PV system.
Depending on where you are located, there are different offers that could be available from the state, region, or utility company for installing your solar system. With the help of DSIRE (Database of State Incentives for Renewables & Efficiency) it is easy to find what offers will be applicable to you.
DSIRE is funded by the U.S. Department of Energy. It contains an extensive, current list of every renewable energy incentive that is available. Simply click on your state and you will be provided with all of the information you need.
Claiming Your Solar Financial Incentives
Once your photovoltaic power installation is complete, PRVL will provide all of the necessary information about your PV system. This information will include the documents necessary to claim every financial incentive available to you.
At PRVL, we are not tax experts, however, we are more than willing to help you complete the application forms as well as answer any questions.
Contact the professionals at PRVL today to learn more about the solar incentives that are available in your area today.