Solar Energy Panels Are More Affordable Than Ever

Filed under: Solar Installation

greeting with helmetNow that word is spreading about solar panels, homeowners all over the country hope to make the switch. Solar energy is clean, renewable, and it’s easier than ever to access. We’ve honed the technology to the point that solar panels are durable, easy to install, and becoming more affordable for the average homeowner.

However, many homeowners still hesitate to make the switch, because the upfront cost of installing solar panels can require them to write a pretty big check. Luckily, the federal government recognizes the value of clean energy, and offers a tax credit to offset the cost of solar panel installation.

To claim the Residential Energy Efficiency Property credit, file Form 5695 with your federal income tax return. The tax incentive will credit you 30 percent of the cost of your solar panels, including installation, and there is no upper limit on the credit. To qualify, your solar panels must be installed on your primary or secondary residence, and the electricity generated must be used in the home.

Thirty percent off the cost of your solar panels and installation sounds like a pretty great deal! Of course, you will have to cover the cost of your solar installation upfront, and wait to receive the tax credit when you file your taxes the following spring. For this reason, many homeowners wait until the end of the year to install their solar panels.

Another option is to finance the cost of your solar system through a second mortgage, a loan from a local credit union or bank. The money you save on electric bills each month can go toward your loan payments, and you may be able to repay a good portion of the loan when you receive your tax credit from the federal government.

If you’re intrigued by the idea of receiving what basically amounts to a huge discount on the cost of solar panels, give us a call at New Day Solar (855) 444- 6329. But don’t wait too long; the energy tax credit is set to expire at the end of 2016.