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There are many good reasons to choose solar energy for your home or business. Many homeowners in the Bay Area have a solar system installed to protect themselves and their families from rising energy prices. While it is difficult to predict exactly how much and how quickly electricity costs will increase, one thing is certain – they will continue to rise. Conversely, a solar energy investment for a home or business not only reduces or even completely eliminates monthly electricity costs, it can also increase the value of your home’s real estate and lower your business operating costs. A third and very important financial incentive is the federal government’s generous solar tax credit.
Solar Energy Tax Credit allows the homeowner to reduce the amount of income tax they would otherwise have to pay to the federal government. This loan is good for 30 percent of homeowners’ investment in their solar system including solar panels, charge converter, battery, and inverter, but only for the next three years. The relief will drop to 26 percent. in 2020 and 22 percent. in 2021 After 2021, the tax credit for solar energy for individual customers will be completely abolished. While there is a chance that the loan may be extended, many homeowners considering solar power plan to install their systems over the next few years to take advantage of the loan.
Commercial companies looking to go greener may qualify for a 70% discount through solar tax incentives. Not only are you eligible for 30% federal tax credit, you can accelerate the depreciation of your solar system within 5 short years. These tax credits are the equivalent of 60% -70% of the cost of the system, meaning you only need 3-4 years of energy savings to recover your entire investment.
In addition to the financial benefits of the solar tax break, many people are opting for solar because they believe solar is a more environmentally friendly solution. Solar energy is both sustainable and renewable. Solar energy provides an emission-free way to power buildings and devices, heat water and refuel electric vehicles. The more popular and widespread solar panels on the roof or carports become, the more they reduce the load on coal-fired power plants.
With buildings responsible for 38 percent of all U.S. carbon emissions, switching to solar power can significantly reduce our carbon footprint. A typical home solar panel system will eliminate three to four tonnes of carbon dioxide emissions each year, which is equivalent to planting more than 100 trees per year. Not only is solar energy a great way to go green, but taking advantage of the solar tax credit – before it expires – is a great way to save some greenery.
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Source by Kyle Severns