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Solar Savings ( Calculator )


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INCENTIVES


26% Solar Investment Tax Credit
- The federal solar tax credit is the most popular financial incentive for homeowners looking to go solar. It reduces the cost of a solar system by allowing you to deduct a portion of the solar installation costs from your federal income taxes.

Right now, the solar tax credit is worth 26% of the cost of your solar installation, including equipment and labor costs! The actual amount you receive will vary, due to several factors (like the size of your system), but we will get into that later.

You get paid this credit when you do your taxes for the year in which the system was installed, usually in April of the following year. For example, if your system cost $21,000 to install, you would receive a tax credit equal to $5,460, reducing the total cost of the system to around $15,540 - not bad!

The top 2 questions asked about the big Solar Tax credit incentive is “how do I know I will get it?” and “How soon can I expect to get it all?”. Let us answer these questions!

  • Question #1 “How do I know I will get it?”
    If you pay any form of income tax, passive or earned income, you qualify. If you are a W2 employee, you get paid every week/bi weekly, taxes are taken out of your check when you get paid. You qualify!
    If you are a 1099 contractor/self-employed, you are paying yourself or being paid your gross income amount, taxes are typically paid quarterly/semiannually/annually to good Ol’ Uncle Sam. You qualify!
    All forms of income tax mean you qualify for the Solar Investment Tax Credit.
  • Question #2 “How soon can I expect to get it all?”
    How soon you can expect to receive the full 26% Solar investment Tax incentive needs to be broken down based upon on you are paying taxes currently.
    If you are a W2 employee, taxes are withheld per paycheck over the 12 month year, add up the total amount of taxes withheld from your paychecks and divide it by the solar tax credit. For example, if you had $10,000 of taxes withheld from your paychecks and the Solar (ITC) is $8000 that you receive when going solar. This means you paid more taxes that year than the Solar Tax credit! You can expect to receive all the $8,000 touch, feel, hold money in your tax return! (Unless you have prior/ongoing tax issues that need to be resolved)
    If you are 1099, you have not paid taxes to the IRS yet, add up the amount of taxes you must pay the IRS and divide it by the Solar tax credit. If you are expectedly to pay out more to the IRS than the Solar tax credit amount you will receive, then it will only take 1 year to receive the full incentive. So, instead of paying the IRS that money you can apply it to your Solar investment.



BENEFITS OF GOING SOLAR



  • MONTHLY SAVINGS - With Solar, you are taking a variable Increasing monthly expense(utility company) and turning it into a fixed monthly investment(solar)!
    Your electric bill is never the same every month because of variables such as; Outside weather temperatures, How efficient your home is and your living habits. This makes it hard to budget when you do not know how much your electric bill will be. Especially when the core decision is based upon forfeiting your living comfort OR your monthly budget. Solar puts YOU in charge of your electricity & budget!
  • OWNERSHIP - Also when going Solar, for the first time ever you can have the ability to pay off your electricity power. In other words, Own your Solar electricity power plant to never have to pay an electricity bill again! Solar puts you in charge of when you decide to do so.
  • ADDS VALUE TO YOUR HOME - Studies have proven that going Solar puts a stop to wasting money or throwing money out the window, because you are adding value to your home by simply paying your electric bill with Solar. The average added home value from studies state that you can expect an additional 8% to even as high as 20% increase in your homes resale value!



SOLAR NET METERING PROGRAM



- What makes installing solar panels such a great way to save money? The answer to that is simple: net metering. Hi In fact, the best states for installing solar are not necessarily the ones that get the most sunshine - instead, it’s the ones with the best net metering policies.

How Does Net Metering Work? If you think about it, your home does not use that much electricity during the day, which is when your solar panels are the most productive. From 7 AM to 5 PM, you are at work, the kids are probably at school, not much is going on in the house - so there isn’t a whole lot of electricity being used. So, your solar panels will be making a lot of electricity at a time you do not really need it.

Without net metering, all of that extra solar energy your panels produced would be sent to the grid, and you would not get anything for it! On the other hand, with net metering, your utility company will pay you for that solar electricity you send to the grid. Usually, utilities pay you back by applying an energy credit to your electric bill for each kilowatt-hour (kWh) of solar power you have sent to the grid. This is gets rid of the need for an expensive battery while cost effectively eliminating 100% of your electric bill!

Those net metering credits can then be used to offset any energy you take from the grid when your solar panels aren’t producing electricity - like after the sun goes down. This allows you to get the full economic value of all of the solar energy your panels produce.

In other words, you don’t have to pay for all of the electricity you use from the grid because your net metering credits will cancel out your future grid usage, which is what makes net metering so valuable! Your Credits you receive will carry over each month just like the old rollover cell phone minute plans



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