If you are thinking about going solar or adding panels to your home or businesses’ solar system, there has never been a better time. 2021 is the last year to take advantage of the maximum amount of the solar tax credit; even if that means you are only adding to an existing system; the credit still applies!
How much would solar increase my home value?
While home value varies on a number of factors, one thing remains clear: a solar energy system can increase your home’s total value, especially in California, where solar panels are required on all new home builds starting in 2020.
The exact number varies from property to property, but recent research indicates that each additional $1 in bill savings (from your solar energy system) adds $20 to your home’s total value. For example, a small 3.1 (kW) system can add an average of $18,324 to the total value of a medium-sized home.
On top of added value, there are federal and state incentives for homeowners to get solar.
How do I know if I’m eligible for the solar tax credit?
- You’ll need to own your solar energy system, rather than leasing it. Leasing a solar energy system means that the third-party owner gets the solar tax credit.
- You may still be eligible even if the solar energy system is not your primary residence, just as long as you own the property and live in it for a part of the year.
- If your federal tax liability is lower than your ITC savings, you can still carry over the remaining credits to the following year!
Can I still get a solar tax credit in 2020?
Please contact us today to determine if you’re eligible for the 2020 tax credit!