The government offers attractive incentives to encourage homeowners and businesses to transition to solar power. One such incentive is the federal solar tax credit. 2021 was supposed to bring a reduction in the credit from 26% to 22%, but an extension was granted, keeping the 26% credit for solar installs in place through 2022.
Looking forward, the credit for residential and commercial systems is slated to drop to 22% in 2023. A 10% credit is expected to be available only for commercial installations in 2024, after which the solar tax credit will no longer be in effect.
While this credit could be extended again, acting now is the only way to guarantee you’ll be able to enjoy the maximum savings. In addition to the federal solar tax credit, Ohio has programs to make installing solar power more affordable, and the specialists from Lifetime Quality Solar will be happy to explain what’s available.
We’ll use a solar tax credit calculator to provide you with a bottom-line final cost after all incentives are included. The tax credits combined with our attractive financing options mean that now is the best time to enjoy the benefits solar power provides.
Will There Be Another Solar Tax Credit Extension?
The credit is expected to be available, at least to some degree, through 2024, but there is no way of knowing whether or not there will be another solar tax extension.
You may be wondering how to claim the solar tax credit. The credit can be used in one year or spread over two years, and your tax professional can advise as to which option is better for you. A solar tax credit form, form #5695, must be included when filing your taxes.
Lifetime Quality Solar can help you determine which tax credits and other incentives are available to you, so you can pay the lowest amount out of pocket for your system.
Other benefits you’ll enjoy when installing solar include:
- Reliable, Clean Energy
- Higher Resale Value
- Significantly Lower Electric Bills
- Zero Upfront Out-of-Pocket Costs for Most Homeowners
Learn More About Residential and Commercial Solar Tax Credits
Lifetime Quality Solar provides expert installation of premium residential and commercial solar power solutions. Contact us or browse our resources for more information about tax credits. Call to speak with a member of our team or fill out our online form to schedule a consultation.