Own Your Own Electricity with Solar Panels
WHO ARE ZERODOWNSOLAR
Power Your Home With Beautiful Solar
At Zero Down Solar, our team of professional and knowledgeable installers will work with you to ensure your solar energy system is set up properly, even after the paperwork has been executed and the installation is complete. While we finish our work in an efficient manner, we also make sure all your interconnection agreements, including your surplus energy agreements, are all squared away and taken care of.
THE WORLD TO THE SUN.
Own Your Own Electricity with Solar Panels
When you add solar panels to your home you're choosing great solution to produce energy. No matter what kind of day even when some days are cloudy, snowing, rainy, or even storming you will still be producing clean renewable energy.
OWN YOUR OWN POWER TODAY
Benefits of Switching to Solar
Solar power, like other renewable energy resources, has many environmental and health benefits.
Going solar reduces greenhouse gas emissions, which contribute to climate change, and also results in fewer air pollutants like sulfur dioxide and particulate matter, which can cause health problems.
Renewable
Solar power, like other renewable energy resources, has many environmental and health benefits. Going solar reduces greenhouse gas emissions and pollutants.
Cost-effective
When you install a solar energy system on your property, you save money on your electricity bills and protect yourself against rising electricity rates in the future.
Property Value
When you install a solar energy system on your property, you save money on your electricity bills and protect yourself against rising electricity rates in the future.
Federal Tax Credit for Residential Solar Energy
The federal solar tax credit is a tax incentive provided by the US government to promote the use of solar energy. The credit, officially known as the Residential Clean Energy Credit, has recently been extended through 2034 and expanded starting in 2023 after the passage of the Inflation Reduction Act. This article will provide a guide to the benefits, eligibility requirements, and claiming process for the solar tax credit.
Benefits of the Solar Tax Credit
Tapping the sun for power offers several benefits, including reducing pollution, reducing your individual carbon footprint, and lowering the cost of powering your home. However, since the installation of solar power equipment can be costly, the federal solar tax credit can help you offset some of the costs.
Eligibility Requirements
To qualify for claiming the solar tax credit on your tax return, you’ll first need to meet some eligibility criteria. Your solar equipment needs to be installed between January 1, 2017, and December 31, 2034, and must be located at a residence of yours within the United States. The solar equipment must be new or being used for the first time (meets the original installation requirement for claiming the credit).
Claiming the Solar Tax Credit
When you purchase solar equipment for your home and have a tax liability, you generally can claim a solar tax credit to lower your tax bill. The Residential Clean Energy Credit is non-refundable, meaning that it can offset your income tax liability dollar-for-dollar, but any excess credit won’t be refunded. If the credit exceeds your tax liability for the year, you can “roll over” the unused portion to future years so long as the credit remains in effect.
Costs Covered by the Solar Tax Credit
The qualified energy-saving equipment covered by the Residential Clean Energy Credit includes solar-powered equipment that generates electricity or heats water, solar power storage equipment for 2022 and beyond (a capacity of at least 3-kilowatt hours (kWh) is required beginning in 2023), and qualifying installation and labor costs. The tax credit doesn't apply for systems that you lease or for systems that you use to heat a swimming pool or hot tub.
Residential Solar Tax Credit Amounts
Installing renewable energy equipment on your home can qualify you for a Residential Clean Energy credit of up to 30% of your total qualifying cost, depending on the year the equipment is installed and placed in service. The credit amounts vary based on the following timeline:
30% for equipment placed in service in tax years 2017 through 2019
26% for equipment placed in service in tax years 2020 through 2021
30% for equipment placed in service in tax years 2022 through 2032
26% for equipment placed in service in 2033
22% for equipment placed in service in 2034
After 2034, the credit is scheduled to end.
Claiming the Solar Tax Credit for Rental Property
You can't claim the Residential Clean Energy solar tax credit for installing solar power at rental properties you own unless you also live in the house for part of the year and use it as a rental when you're away. You'll have to reduce the credit for a vacation home or part-time rental property to reflect the time you're not there.
Filing Requirements for the Solar Tax Credit
To claim the credit, you’ll need to file IRS Form 5695 as part of your tax return. You'll calculate the credit by entering the qualified equipment costs on Form 5695, and then transfer the credit to your 1040 tax form.
Frequently Asked Question
What are the financial benefits of solar energy?
When you install a solar energy system on your property, you save money on your electricity bills and protect yourself against rising electricity rates in the future. How much you can save depends on the utility rates and solar policies in your area, but going solar is a smart investment regardless of where you live.
What are the environmental benefits of solar energy?
When you install a solar energy system on your property, you save money on your electricity bills and protect yourself against rising electricity rates in the future. How much you can save depends on the utility rates and solar policies in your area, but going solar is a smart investment regardless of where you live.
How does solar impact my property values?
Studies have shown that homes with solar energy systems sell for more than homes without them. However, your property value will only increase if you own, rather than lease, your solar panel system. In most parts of the country, going solar will actually increase your property value more than a kitchen renovation.
What solar energy rebates and incentives are available?
Solar rebates and incentives vary depending on where you live. The most significant is the 26 percent federal investment tax credit (ITC), which allows you to deduct 26 percent of the cost of your solar energy system from your taxes. Some states offer additional tax credits, and certain municipalities and utilities also offer cash rebates or other incentives.
Can I afford to go solar?
If you can afford to pay your electricity bill you can afford to go solar. $0 down solar financing options, including both solar loans and solar leases, make it easy for homeowners with good credit to start saving on their electricity bills by going solar.
Is my roof suitable for solar panels?
South-facing roofs with little to no shade and enough space to fit a solar panel system are ideal for installing solar. However, in many cases there are workarounds if your home doesn’t have the ideal solar roof. Contact us to learn more about all of your options; all installation offers are based on images of your actual roof.
Can homeowners in association areas get solar panels installed?
It is a common misconception that residents living in areas with homeowner associations are unable to get solar installed. However, this is untrue. In most cases, as long as the roof is not owned by the HOA, solar installation is possible. This is also mandated by laws pertaining to solar. While battery storage is also an important consideration for energy independence, it is worth noting that there are many people in Florida living in HOAs who can still benefit from solar energy.
OWN YOUR OWN ELECTRICITY
WITH SOLAR PANELS ENERGY
Stop renting your power from the utility company and own your electricity today.
Stop paying high exorbitant fees and eliminate wasteful spending. You'll thank the sun later!
Switching to solar is great for the environment, but many think it’s also really expensive. This is a common misconception. There are a variety of benefits to going solar, including the possibility of saving thousands on your bill