You might have heard that the 30% Federal Tax Investment Credit is stepping down to 26% in 2020. What you may not have heard is that the Federal Tax Investment Credit will step down again in 2021, to 22%. Finally, in 2022 it will decrease to 0% for residential purchases, and 10% for commercial purchases.
Here is what the transition looks like:
- 30% through 2019
- 26% through 2020
- 22% through 2021
- 0% for residential systems, 10% for commercial systems starting 2021
What does this mean? It means that 2019 is the best year to maximize the federal financial incentives. Do homeowners still have time to get a quote by the end of the year to take advantage of the 30% credit? Unfortunately no, StraightUp Solar has been completely booked with projects up until the end of the year. Do commercial property owners still have time to take advantage of the 30% credit? Possibly – if you have a proposal from us, please talk with you Project Developer to see what the probability is of being able to take advantage of that 30% credit. Your business may be eligible for safe harbor.
We also encourage you to #DefendtheITC. The Solar Energy Industry Association is working with representatives in congress to extend the tax credit. Learn more about the effort here.
So as we look into the future with our 2020 vision, we can see that there is no time to waste. To take advantage of the highest percentage of the Federal Tax Investment Credit, contact StraightUp Solar at 844-97-SOLAR or email email@example.com to get a FREE quote and see what going solar can do for you!
How does the Federal Tax Investment Credit work? Watch the video below to learn more: