The government’s recent increase in tax breaks for eligible homeowners makes solar tube installation even more appealing.
The Inflation Reduction Act not only incentivizes solar panel installation but also provides tax breaks for various other expenditures.
There are various compelling reasons to switch your household over to solar power. Not only is solar energy cleaner and more sustainable, but it also comes with some fantastic cost savings. Homeowners who make the investment can rest assured, knowing they will save over $9000 on energy costs in the long run.
In August 2022, the US government declared that homeowners in the US would be eligible to receive more financial incentives (in the form of tax breaks) from the government.
Investing in solar energy is now more affordable than ever, thanks to a new tax credit. Starting from 2022 to 2032, any solar system installed in the United States will entitle the owner to a 30% tax credit. These kinds of tax credits let people save money by allowing them to deduct certain expenses from their taxable income.
Solar energy systems can cost a pretty penny to install, but the government is currently offering tax breaks that will cut the average American’s installation costs by over $7,500. Additionally, many electric companies are also providing different benefits to those who invest in solar energy, such as buy-back programs and other ways to reduce the cost of installation.
The Department of Energy Efficiency and Renewable Energy of the USA has more information online about taxes.
Eligible homeowners will receive tax breaks on the costs of solar tubes, labor, energy storage devices, sales tax, and more. Factors that determine if you are eligible for these tax breaks depend on the quality of the materials used. Homeowners can only receive these tax credits if the solar tube installation is completed within the tax year and the system must be new.
Solar energy experts advise homeowners to only use reputable contractors. They explain that investing in the services of a qualified solar panel professional is the best way to make sure you’re eligible for tax breaks.
Jonas Muthoni is an entrepreneur and renewable energy expert. He is the founder of MicroGridMedia.com, a website dedicated to bringing the latest news and information about solar energy and other renewable energy sources to the public. Jonas is passionate about promoting sustainable energy solutions and educating the public about the benefits of renewable energy. He is a regular speaker at industry events and conferences and is committed to driving the transition to a cleaner and more sustainable energy future.