Federal ITC Everything you need to know.
The Federal Investment Tax Credit (ITC) allows customers to pay off their annual IRS bills using up to 30% of their solar installation costs. For example if your PV system costs $20,000, you can reduce your tax liability by $6,000. This tax credit reduces the upfront costs of your PV installation, allowing you to speed up the payback period of your investment. The ITC is applicable for residential and commercial solar projects. 2019 marks the last year for the full 30%, after 2019 the ITC drops to 26% in 2020, 22% in 2021, and exclusively for commercial projects at 10% in 2022. See above graph.
The United States government is incentivizing businesses & individuals all over the country to install solar photovoltaic (PV) panels and maximize their energy strategy by powering their facilities with clean, efficient electricity. This program is called the Federal Investment Tax Credit, or ITC for short. The program launched in 2006 and since then has stimulated the solar renewable industry. The program ends in 2021, and 2019 is the last year for the full 30% Tax Credit.
The ITC is based on the amount of your investment in commercial & residental solar installations. Planning for solar in 2019 can provide a powerful financial advantage to individuals, businesses, and commercial institutions alike. Depending on the size of the solar PV system installed the ITC can potentially help save tens – even hundreds – of thousands of dollars.
2019 Marks the last year for the full 30%
2019 is the last year for the full 30% of the ITC. After 2019 the ITC drops to 26% in 2020, 22% in 2021, and 10% in 2022 with commercial exclusivity.
Thinking of going solar this year?
While there are a growing number of solar installers in New Mexico. OE Solar has been around for more than a decade. Our local presence, and heritage in solar positions us as the leader for Solar in NM. While all companies market the 30% ITC, OE Solar is the only local Solar company that offers an additional 10% off to celebrate our 10 years in business. This is our way of saying thank you to our community, city, and State. To learn more about this limited time offer contact us today!