This spring, PrairieView CEO Tim Regan and Head of Marketing Katie Umland explore the pros and cons of alternative energy, including the tax incentives associated with solar power panels.
Are you interested in learning more about the tax benefits of installing solar panels? Are you curious about how you may actually save money in the long run? If so, you have come to the right place! In this episode of Retirement Readiness, we’ll be exploring the tax benefits of installing solar panels, including federal tax credits and state credits.
For homeowners and businesses that are considering solar, understanding the available tax benefits can help them to make a more informed decision and ensure they are taking full advantage of available incentives. Currently, the federal government offers a 30% tax credit for those who purchase and install solar panels, and many states offer additional credits that can stack on top of the federal credit.
Of course, the decision to go solar is about more than just the numbers. Consider the time commitment, as well as whether or not solar powered electricity will benefit your family in the long run. If you’re planning on selling your home in the next few years, will you be able to get a return on your investment at sale time?
As you make your decision, also realize that these government incentives may not be around forever – oftentimes, tax credits have limits. Once enough people embrace solar energy, the tax credit will likely lower or even disappear completely.
Listen in on the full episode to learn more about the benefits of solar powered energy, and connect with your financial advisor to discuss how a solar energy tax credit could affect your financial future.
Key Timestamps and Topics
- [1:36] The push in recent decades to go electric
- [3:54] What tax incentives are the government offering?
- [6:50] How do tax credits help you save money?
- [8:07] Incentives for businesses vs. personal homes
- [12:01] How to estimate your total potential savings
- [17:09] How to make a well-informed decision about putting solar panels on your home
Key Takeaways
- Currently, American homeowners can receive up to 30% of a tax credit for the cost of materials and installation related to solar panels.
- Tax credits are designed to encourage certain behaviors – but those incentives won’t be available forever.
- A tax credit isn’t necessarily enough reason to buy into solar panels. Solar panels often take many years to offset initial costs, and although the government will credit 30% of your costs, you’ll still be on the hook for the other 70%.
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