Federal Solar Tax Credits Decline in 2020
The Residential Renewable Energy Tax Credit, in place since 2005 and extended in 2015, gives US taxpayers a dollar-for-dollar credit equal to 30% of the total solar installation cost on their federal taxes. This same tax credit also extends to battery storage charged solely from solar power. This tax credit will start a gradual step down over the next 2 1/2 years:
- 2019 = 30% tax credit
- 2020 = 26% tax credit
- 2021 = 22% tax credit
- 2022 = 0% tax credit (commercial solar pegged at 10%)
For a system to qualify for the full 30% it must have passed any needed inspections and be fully in service in 2019. With that in mind and with the current push to get Kentucky solar installs in place before any Net Metering changes in 2020, the end of the year will get very very busy. We strongly encourage you to explore your options now and not miss the boat.
Remember we now offer $0 down financing and 12 months same as cash financing for up to 30% of the installation costs. Ask your Solar Consultant for details and how we and Medallion Bank can help you get solar on your roof in 2019.