With all the buzz and all the news surrounding politics and recent legislation, we thought we might weigh in on exactly what it means for the home solar industry, specifically here in the New York, New Jersey region.
The Solar Federal Tax Credit for Residential Solar Panels
One thing it does is that it increases the Federal Tax Credit for solar to 30%! For the last few years that tax credit for solar panels has actually been declining every year (30% to 26% down to 22%). Now it has gone back up to it's full amount of 30%! There is a page on our website that will soon be updated because our 'Tax Credit' page is still currently showing a 22% credit. That will be revised soon.
What is the Solar Federal Tax Credit How does it Work?
This federal incentive is a true tax credit, not a write off or income tax reduction. It covers 30% of the overall cost of the solar project plus all related home improvement upgrades necessary for solar. (which we will talk about below) This amount varies per project and per size of the home but generally its in the tens of thousands of dollars. As long as you have taxable income this pretty much insures that you will receive a much larger tax credit that normal after you file your taxes. We actually help with this process and can fill out the proper forms for you or your accountant. For those of you who are tax savvy, it's Federal Tax for 5695 for Residential Energy Credits. We encourage you to google it and see the form yourself. Again, we fill this out and attach all the accompany receipts and contracts to insure you get the proper and full amount of the federal credit! If you're interested to know how much you can receive, it's first important to know how many solar panels you need! Just give us a call for a free quote and we can price it all out for you.
What is Eligible to be Included in this Credit?
In the past, solar companies will just say you are NOT ELIGIBLE if they see you have several trees, or your roof is in bad shape or your electrical panel is not in good shape. Now it's different. You can combine a new roof and tree work to your project and include it for the tax credit. This means you can also get a tax credit on the combined cost of your solar, roof and tree removal. Let us take a look at your roof and trees and we can determine if any of that work has to be done to make the solar panels more efficient on your home. This year, more than half of our customers that installed solar also had their roof replaced because the numbers just made sense and it really was a good deal. If this is the route you'd like to explore we can also do a roof quote for you using our preferred roofer. We would coordinate all the work on your behalf. One contract for solar, roofing and tree work all in one.
Next Step: Free Design, Project Estimates and Viability
So what's the next step? First we'd have to design a system that is appropriately sized for your home. Some homes need 15 panels and some need 60! It all depends on your needs. So we would do that design based on your roof shape and location. Then we would check viability of the home with an onsite survey to check the roof, shade, electrical service panel and even the inside structure of your roof in the attic. If you are interested in having this done please give us a call. It takes about 30 minutes and you can get a real, practical quote and recommendations for your home.
Call Us or Email Us:
845-584-3100 ext 1
-Email us a screen shot of your recent electrical bill and say you read our article on the federal tax credit and want a free quote-
Integrity Solar Solutions
28 New Hempstead Road
New City NY 10956
*The highest rated solar installation company in the lower Hudson Valley region according to multiple sites*
Google 'Integrity Solar NY' to learn more