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How the Federal Tax Credit Works for Solar Owners?

The residential solar tax credit allows homeowners to claim up to 30% of the price you pay to install solar panels, which discounts the cost going solar significantly. Read PPT for more information.

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How the Federal Tax Credit Works for Solar Owners?

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  1. Solar Investment Tax Credit Extension Keeps Solar Prices Low Alex Yackery | 06th September 2016

  2. What is the Solar Investment Tax Credit (ITC)? • The ITC is a federally-funded 30% tax credit given to home and business owners who choose to put solar on their roofs (1). • Originally set to expire December 31, 2016, the credit was thought to be a short term solution to encourage Americans to make the switch to cleaner, cheaper and more efficient energy (1) • This decision was made because solar isn’t just budget-and-environmentally friendly. Solar homes and businesses relieve the stress on our aging and overburden electrical infrastructure, reducing the risk of outages for entire communities.

  3. Why was the Solar ITC extended? • Both the House and Senate voted last December to extend the ITC because of the incredibly positive impact the credit has had on job growth in America (2). • The very fact that a highly divided Congress agreed to extend the credit only highlights the profoundly positive effect the ITC has had on the American economy.

  4. Increased Energy Independence What are the benefits of the ITC extension? • As political turmoil continues overseas in oil rich areas, the necessity for US energy independence becomes more and more important. • With the help of the ITC extension, “approximately 98 GW (gigawatt) of PV (photovoltaic solar cells) and 2 GW of concentrating solar power (CSP), [totaling] 100 GW of solar energy capacity”, will be installed in the United States by the year 2020 (1). • In layman's terms, that’s enough energy “to power more than 20 million US homes” (1). • This will likely help to solidify America’s political and economic stability for decades to come as far as energy is concerned.

  5. Increased Employment for Americans What are the benefits of the ITC extension? • Though many American industries have experienced slow—or worse—negative growth in the past decade, the solar industry has exploded. According to The Solar Foundation, 174,000 new jobs were created in the solar industry from 2010 to 2014 (3). • With the ITC extension, those job numbers will continue to grow. According to recent estimates, the extension will create “220,000 solar jobs “ over “the next five years” (1). • This will double the amount of solar workers currently employed in the US (1).

  6. Extended Consumer Savings What are the benefits of the ITC extension? • The solar tax credit makes solar more affordable for home and business owners alike! And, once the solar is installed, the monthly savings increase!

  7. When will the ITC expire? • The renewed ITC of 30 % for both residential and commercial solar projects will only last until 2019. After that, it will incrementally decrease until 2021 (1).

  8. Contact US Venture Home Solar 240 Kent Ave, Brooklyn, NY 11249 +1 800-203-4158 http://venturehomesolar.com/ Resource: http://goo.gl/gdDYAg

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