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March 19, 2018
Did you know the Federal Government will cover 30% of the cost of your solar project? Have you always dreamed of going solar, only to let worries about financing your solar investment get in the way? Writing a check to PG&E every month seems easier than a one-time investment in a solar electric system. Navigating the vast array of solar financing options can be daunting; fortunately, tax benefits and low interest financing make going solar more accessible than ever before.
As you think about installing solar on your home in the Tri-Valley area, make sure you know a thing or two about how you can save when you go solar.
30% FEDERAL TAX CREDIT FOR YOUR SOLAR PV SYSTEM
When you install solar photovoltaic (PV) panels on your home, you can claim a 30% federal solar tax credit on your investment. A $20,000 solar installation, for example, translates to a $6,000 credit. That credit will be applied towards what you owe in taxes that year. If the credit exceeds your tax liability in that year, it can be applied to subsequent tax seasons. Ultimately, you’ll end up paying only $14,000 for a $20,000 solar PV system… and its not affected by AMT or other normal tax limitations.
There is one catch to remember here — in order to receive the tax credit, you must be the owner of the PV system. This means you must purchase your system or finance with a low-interest solar loan.
SIMPLE FINANCING WITH A $0 DOWN SOLAR LOAN
In addition to the 30% federal solar tax credit, you can also qualify for simple, low-interest financing with a solar loan. You’ll receive upfront financing and a low, fixed interest rate, so you can repay the cost of your system using the savings from your solar investment over time. Whether you’re considering a rooftop or a ground mount system, a solar loan is a great option for spreading out the cost of your solar investment-- saving you money from Day 1..
SOLAR: AN INVESTMENT THAT PAYS FOR ITSELF
When you consider the tax incentives and financing options that are available with solar, a residential solar PV system makes for an especially sound investment — especially along the 680 Corridor where we enjoy a mild, sunny climate year-round.
Rather than paying your local utility company every month, you’ll use your savings to cover the cost of your system. Once your system has been paid for, you’ll enjoy 100% free solar power for the remaining lifetime of your installation. For a professionally installed solar system with high-performance panels, that’s a lifetime of 40 years or more.
As your local SunPower Elite Dealer in the East Bay, we're proud to offer you solar panels with the highest efficiency in the industry.