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What is the Solar Investment Tax Credit?

What is the ITC?

The Solar Investment Tax Credit (or ITC) has saved millions of people around the country millions of dollars, both in installation costs for their solar systems and the subsequent savings from their electrical utilities. Unfortunately, the ITC will not last forever for residential customers. So the time for considering a photovoltaic system with Solaron of Sacramento is now!

How the ITC Works

The ITC was first voted into law in 2006. Since then, it has received extensions from Congress. In 2022, however, the ITC will end for residential customers and be significantly reduced for commercial buyers. Right now, the ITC is a 30% tax credit. That means that when you add up your costs for installing solar panels, you get to take 30% of your costs off your annual taxes. If that represents more than you pay in taxes, you can carryover the credit to the following year.

After 2019, the tax credit drops to 26%. After 2020, the credit is only 22%. And in 2022, the ITC completely goes away for residential photovoltaics and will be only 10% for business photovoltaics. So the time left is reduced for getting the maximum tax credit from your solar panel installation!

Solaron is prepared to send our experts to help assess your house and electrical usage, design a plan for the ideal photovoltaic installation, determine the maximum credits and incentives that you deserve, and then to build that system. After it’s done, all you need to do is reap the tax reward, experience the reduced or eliminated electrical electrical bill, and help make the world a better place by contributing green energy to meet our global electrical needs. Solaron — making energy for life!

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