When cost of living is high and there are increases from the utility company on the rise, we all begin to look for ways to save money. Solar has long been proven a solution for homeowners and business owners. Savings from owning a residential or solar panel installation are immediate. Plus, they allow you to control for the constant cost of rising electricity rates. But, sometimes, those are savings are just the tip of the ice-berg. The big question is,” what else is out there to help me save money?” The government is often a place where people look for help.
Solar Tax Incentives
The federal solar tax incentive has been available to customers since 2005. It was set at an appealing 30% and will remain at 30% through 2019. After 2019, through 2022 the incentive will remain active, just at a much lower rate. This tax incentive, known as the Investment Tax Credit, allows you to deduct 30% of the cost of installing a solar energy system from your federal taxes. If you are looking for ways that you can save more money, the ITC is one great way to do it.
Solar Storage Rebates
Another way the government supports solar installation is through the Self Generation Incentive Program. This program is an actual rebate that is provided through the California Public Utilities Commission. The CPUC is actually a regulatory agency that overseas the utilities in the state. This rebate is designed specifically for people who purchase an energy storage system. This rebate is anywhere between $2100 to $3300. Together with the ITC of 30%, there is a lot of financial benefits to installing a solar pv system.
No Free Government Solar
Due to malicious and deceptive marketing strategies, people think that there are programs where the government provides free solar installations. From free solar within county lines, to free solar promises at both the state and federal, it is important to understand, there is no such thing as free solar. And although the government is able to support solar installations through rebates and tax incentives, they are not providing free solar systems.
Always work with a trusted, local installer when exploring options for solar. Now is an excellent time. Quick install times and record low pricing means that your new solar installation could be up and running before the end of the year.
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