2019 is the last year to save big on your taxes with your solar energy system
In 2005, Congress passed the Energy Policy Act, a law that, among other things, allows a federal tax credit for up to 30 percent of the cost of a new solar energy system for a commercial or residential property, including installation fees. Originally set to expire in 2007, the credit now extends until 2021 for residential solar energy systems, with benefits for commercial solar energy systems continuing beyond 2022.
However, there’s a catch. Starting in 2020, the amount you can save on a newly installed solar energy system will decrease. This year is the last year you can get the full 30 percent federal tax credit. The percentage decreases year over year until 2022, when those with new residential solar energy systems get no federal tax credits at all. New commercial solar energy systems will get 10 percent.
Federal tax credit value per year for solar energy systems:
2019: 30 percent for new residential or commercial
2020: 26 percent for new residential or commercial
2021: 22 percent for new residential or commercial
2022 and on: 0 percent for new residential, 10 percent for new commercial
If you’re thinking about getting a solar energy system for your home or commercial property, 2019 is the year to do it. To learn more about solar energy systems and find out if solar is right for you, contact A1A Solar today.
A1A Solar began in 2010, and today, it’s the No. 1 solar installer in Florida. The company is a certified NABCEP solar installer and a licensed state electrical contractor. A1A Solar earned the Veteran-Owned Business of the Year award in 2016 and is one of the Best Places to Work in Jacksonville.