Going Solar Can Help Save More than Nature - Solar Technologies

1. Going Solar Can Help Save More than Nature We are all aware of the threats our environment is facing in the present times. Slowly the people are getting out of their slumber of ignorance. They are realizing that the resources we have are limited and we must take proper measures to preserve them. Our environment is facing threats like Global Warming, depletion of resources and so on. There are certain efforts we can make to help the environment. Using renewable resources (can be replenished) like solar energy can reduce our dependence on non-renewable resources (cannot be replenished). Let me explain. When we use renewable resources like the solar energy, we reduce the use the non-renewable resourceslike fossil fuelsin lesser quantity. This can help us reduce the threats like Global Warming by lowering the emission of greenhouse gases. The depletion of non- renewable resources can be controlled. How can Solar Energy be used? Solar Energy can be used through Solar Panels. Solar Panels are set of small solar cells. Lots of small solar cells that are spread over a large area work together to absorb the solar light to generate power. There are two forms of Solar Panels: Photovoltaic panels and Thermal Panels. Photovoltaic Panels are used to produce electricity andThermal Panels are used for heating. Benefits of using Solar Panels: - First and foremost, it helps you save so much money that would be spent on electricity and save fuels that we use for heating. - Helps you save the environment by saving non-renewable resources. - Solar Tax Credits are another reason to go solar.

2. What do you mean by Solar Tax Credit? The Investment Tax Credit or Federal Solar Tax Credit allows you to get 30% federal tax deduction for the installation of solar energy systems.These deductions can be availed on both residential and commercial solar installations. Facts on ITC (Investment Tax Credit) Federal Solar Tax Credit: - The Energy Policy Act of 2005 created a 30% ITC on residential and commercial solar systems. - In 2006, the Tax Relief and Health Care Act extended these credits for one year. - In 2008, the Emergency Economic Stabilization Act included an eight-year extension of residential and commercial ITC. - In 2015, the Omnibus Appropriations Act gave a multiyear extension of residential and Commercial ITC. This act brought about certain changes. It changed the earlier standard of “placed-in-service” for qualification for credit to “commence construction” standard for all those projects that would be completed by 31st December 2023. - ITC is one of the most important federal polity that helped United States transform into a renewable energy economy. How does it work? Solar Tax Credit is a tax credit which allows you to claim a reduction in income tax. This can be claimed if residential properties or commercial properties have solar panel installations. ITC depends on the amount that you invest in solar property. The percentage of credits that can be claimed according to the new system is explained below. -2016-19: 30% ITC can be claimed by both residential and commercial solar systems. -2020- New owners can claim 26% tax credit on their taxes. This applies to both commercial and residential installations. -2021- New owners can claim 22% tax credit on their taxes, for both commercial and residential installations. -20122 onwards- New commercial owners can claim 10% tax credit. For Residential Solar Systems there is no tax credit. -The credit tax can be claimed by homeowners if the construction begins by 31st December 2023. Previously, unless the system was working, no credit could be claimed.

3. -You cannot claim the residential tax credit if you sell the property where the solar panels have been installed. -With these incentives, the rate of solar system installation has increased drastically, and the cost of solar system installations decreased. As explained in the article above, going solar would not only help you save the environment but give you so many more benefits. Who thought going solar would help you so much? If you have any questions, please let us know. SOURCE URL: https://goo.gl/wHTLmo