What is the Solar Investment Tax Credit (ITC)?
The Solar Investment Tax Credit (ITC) system, implemented by the U.S. government through the Energy Policy Act of 2005, allows you to receive a 30% tax credit on your purchase of a solar panel system. In other words, if you purchase a $20,000 system, you will only pay $14,000 because $6,000 will be deducted from your income tax at the end of the period. This reward system has helped foster a greener and more renewable nation as it has encouraged thousands of people to go solar over the years.
What Has Changed?
The ITC reward system was supposed to expire in 2015, but since it was so successful in incentivizing Americans to go solar, the government has decided to extend Investment Tax Credits to the year 2021! Below is a breakdown of the ITC credits over the next few years.
2016 – 30% Tax Credit
2017 – 30% Tax Credit
2018 – 30% Tax Credit
2019 – 30% Tax Credit
2020 – 26% Tax Credit
2021 – 22% Tax Credit
Click here for the official government Solar Investment Tax Credit article.
What Does This Mean for Me?
It is not too late to go solar and receive a 30% tax credit on your system. Contact Aikyum Solar for a free quote and start saving today.