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Understanding the Solar Investment Tax Credit in 2019

Understanding the Solar Investment Tax Credit in 2019

The extension of the current solar tax credit through 2019 may make these next twelve months an opportunity to earn the greatest possible financial benefit from switching to solar energy. At the present time, we do not know if the government will be making any additional changes going forward. For both residential and commercial property owners, the Solar Investment Tax Credit will remain at a rate of 30% on the cost of all purchased solar equipment. Though 2018 saw the solar industry continue to expand throughout the U.S. and, in particular, Nevada, this year is projected to bring unprecedented growth in solar unit sales and total solar energy storage. As homeowners across the nation take advantage of dropping solar prices, the industry will bring reliable, financially-feasible renewable energy to more homes than ever before.

Before you adopt solar energy for your family, it is important to familiarize yourself with the various changes expected to affect the solar market and solar buyers in the next few years. As of January 1, 2020, the Solar Investment Tax Credit will fall to 26% and then to 22% in 2021, with further declines slated for 2022 onward under the current program. Any system purchased in 2019 will still quality for the 30% rebate. Additionally, the average cost of solar panels has decreased considerably in the past two decades, plummeting by 61.3% just from 2010 to 2017. This trend is poised to carry over into the new year, while installation and maintenance continue to become less financially and logistically demanding. Recent years have also seen remarkable improvements in the efficiency of solar energy systems, and 2019 will likely bring developments and refinements that render solar technology even more rewarding in terms of both function and savings.

Make 2019 the year you set off on the path to energy independence. There are more resources about the process of switching to solar appearing every day, so make sure to consider all of your solar energy options and find the plan that best suits you and your family. Take a look at our Solar Readiness Checklist to help ensure your home is prepared for each step of the solar install process. For more information or to schedule an installation, call the roofing and solar experts at (702) 688-7940.

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