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The Investment Tax Credit or Federal Solar Tax Credit allows you to get 30% federal tax deduction for the installation of solar energy systems.These deductions can be availed on both residential and commercial solar installations.@ https://goo.gl/wtEbFV

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going solar can help save more than nature

Going Solar Can Help Save More

than Nature

We are all aware of the threats our environment is facing in the present times. Slowly the

people are getting out of their slumber of ignorance. They are realizing that the resources we

have are limited and we must take proper measures to preserve them. Our environment is

facing threats like Global Warming, depletion of resources and so on. There are certain efforts

we can make to help the environment. Using renewable resources (can be replenished) like

solar energy can reduce our dependence on non-renewable resources (cannot be replenished).

Let me explain. When we use renewable resources like the solar energy, we reduce the use the

non-renewable resourceslike fossil fuelsin lesser quantity. This can help us reduce the threats

like Global Warming by lowering the emission of greenhouse gases. The depletion of non-

renewable resources can be controlled.

How can Solar Energy be used?

Solar Energy can be used through Solar Panels. Solar Panels are set of small solar cells. Lots of

small solar cells that are spread over a large area work together to absorb the solar light to

generate power. There are two forms of Solar Panels: Photovoltaic panels and Thermal Panels.

Photovoltaic Panels are used to produce electricity andThermal Panels are used for heating.

Benefits of using Solar Panels:

- First and foremost, it helps you save so much money that would be spent on electricity and

save fuels that we use for heating.

- Helps you save the environment by saving non-renewable resources.

- Solar Tax Credits are another reason to go solar.

what do you mean by solar tax credit

What do you mean by Solar Tax Credit?

The Investment Tax Credit or Federal Solar Tax Credit allows you to get 30% federal tax

deduction for the installation of solar energy systems.These deductions can be availed on both

residential and commercial solar installations.

Facts on ITC (Investment Tax Credit) Federal Solar Tax Credit:

- The Energy Policy Act of 2005 created a 30% ITC on residential and commercial solar

systems.

- In 2006, the Tax Relief and Health Care Act extended these credits for one year.

- In 2008, the Emergency Economic Stabilization Act included an eight-year extension of

residential and commercial ITC.

- In 2015, the Omnibus Appropriations Act gave a multiyear extension of residential and

Commercial ITC. This act brought about certain changes. It changed the earlier standard of

“placed-in-service” for qualification for credit to “commence construction” standard for all

those projects that would be completed by 31st December 2023.

- ITC is one of the most important federal polity that helped United States transform into a

renewable energy economy.

How does it work?

Solar Tax Credit is a tax credit which allows you to claim a reduction in income tax. This can

be claimed if residential properties or commercial properties have solar panel installations. ITC

depends on the amount that you invest in solar property. The percentage of credits that can

be claimed according to the new system is explained below.

-2016-19: 30% ITC can be claimed by both residential and commercial solar systems.

-2020- New owners can claim 26% tax credit on their taxes. This applies to both

commercial and residential installations.

-2021- New owners can claim 22% tax credit on their taxes, for both commercial and

residential installations.

-20122 onwards- New commercial owners can claim 10% tax credit. For Residential Solar

Systems there is no tax credit.

-The credit tax can be claimed by homeowners if the construction begins by 31st

December 2023. Previously, unless the system was working, no credit could be claimed.

you cannot claim the residential tax credit

-You cannot claim the residential tax credit if you sell the property where the solar

panels have been installed.

-With these incentives, the rate of solar system installation has increased drastically, and

the cost of solar system installations decreased.

As explained in the article above, going solar would not only help you save the environment but

give you so many more benefits. Who thought going solar would help you so much? If you have

any questions, please let us know.

SOURCE URL: https://goo.gl/wHTLmo