The solar tax credit allows you to take 30% of the cost of your entire solar system from your 2019 federal income taxes. Starting in 2020, you will only be able to take 26%, and in 2021, only 22%. So the time to act is now! Here are the things you need to do in order to qualify for the 30% tax credit, according to MarketWatch.
- Complete installation of the solar system by December 31st, 2019. Keep in mind that winter is not the best season to be working on your roof! The ideal installation period is before the California rainy season begins. If you delay, our teams at Solaron are experts and can manage your install despite the weather, but acting early guarantees completion well before the deadline.
- You must own the home or business where the solar system is installed.
- You must own the solar panels. Although Solaron and SunPower offer solar leasing, tax credits are not available with leasing plans. To gain the 30% tax credit, the solar system must belong to you. Loans allowing you to purchase the solar installation and still qualify for the credit are available, often with special rates for renewable energy.
If you have further questions about qualifying for the solar tax credit, talk to the staff at Solaron. In expectation of increased demand as the 30% tax credit deadline nears, we are prepared for your requests! Call us at 916-631-9293 or contact us online.