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Much thought and research must go into knowing if powering your home or business with solar panels is right for you. Understanding all costs involved is a critical factor. One consideration that will need to be explored on the financial side are solar panel tax credits. There are federal and state tax credits that you can take advantage of when installing solar panels on your home or business.
First, let’s start with the federal tax credit. The investment tax credit (ITC) is the federal tax credit for solar panels. This tax credit allows you to deduct 26% of the cost of installing a solar energy system from your federal taxes. The ITC will apply to residences and commercial properties that own their solar energy system. If you are considering leasing your solar panels, you will not be eligible for this tax credit.
Here is the timetable the federal government has laid out for tax credits:
To claim your ITC, you will need to complete a IRS Form 5695.
Residential Energy Credits and include the final result of that form on the IRS Form 1040
In addition to the federal tax credits, Texas also offers tax exemptions you can take advantage of when installing solar panels. Owning a home in Texas will allow you to apply a property tax exemption for your home solar system. This state property tax exemption will exempt you from the property value increase by putting solar panels on your home. So, your property value will increase but you won’t pay taxes for that increase!
Energy companies in Texas offer different programs that will help you cover the cost of installing your solar panels. Here is a list of energy companies and their current programs they are offering if you choose Sunshine Renewable Solutions as your solar panel installer.
Contact us today to review all of your savings options so you can enjoy the benefits of solar energy at your home or business.
Your privacy is important to us. Information collected via the above form will be used exclusively by Sunshine Renewable Solutions for the purpose helping you realize your solar dreams. We will never sell your information.
Deciding to invest in solar panels? This may seem like a big commitment. That’s’ why our Houston solar panels installers from Sunshine Renewable Solutions will be with you every step on the way. Whether you’re looking for solar panel tax credit from the federal government or solar panel tax benefits from Texas, we are sure you will find what you are looking for. With so many solar panel installers to choose from, you’re sure to find Sunshine Renewable Solutions customer reviews the best in Houston. Find more details on solar panel tax credits for your home or business by contacting us today. We look forward to helping you go solar!
Formosa Plastics is a major producer of polyethylene, polypropylene, and polyvinyl chloride resins, which are widely used in various industries worldwide. Recognizing its role in environmental stewardship, Formosa Plastics sought to collaborate with a reputable sustainability consultant who can provide solutions to reduce its impact on the environment.
Sunshine Renewable Solutions is a leading sustainability consulting firm that specializes in renewable energy and environmental sustainability. The company has a team of experts who help clients identify opportunities to reduce energy consumption, lower greenhouse gas emissions, and implement sustainable practices through solar power.
