Don’t Miss Out – Act Now to Take Advantage of Solar Power Incentives
It is not often the government gives people a gift. In fact, you could probably count the number of times on one hand and still have fingers left over. So when Uncle Sam does pony up some money, it is something to celebrate.
That is what is happening now with the solar power incentives. Unfortunately, many homeowners do not even know these incentives exist. Worse yet, the solar power incentives, and the money that goes with them, are slated to expire soon, so the time to act is now.
The program in question is officially known as the Federal Residential Renewable Energy Tax Credit. That generous tax credit, combined with the falling price of solar panels and related technology, have combined to make 2015 the best year to convert your home to solar energy.
The Federal Residential Renewable Energy Tax Credit provides the average homeowner with the chance to convert their homes to solar at significant savings. In fact, the total value of the tax incentives and related savings is more than $1,500 a year – not bad for a government program few people know about.
As with most things from the government, there is a catch for homeowners who want to take advantage of this generous tax credit. After all, the government is not in the habit of just handing out money. The program is being offered for a limited time. It is currently set to expire on December 31, 2016, and many experts do not expect it to be extended or reauthorized.
That upcoming expiration date is just one reason to act now. If you convert your home to solar energy before the deadline, you can still take advantage of the initial tax credit and the ongoing tax savings those solar panels can provide. If you have always wondered if a solar installation would work for your property, now is the time to check it out. You just might find that converting your home to solar power could sharply reduce – or even eliminate – your monthly energy bills. Best of all, the government, at least for the money, stands ready and willing to pick up a significant part of the cost.
One of the best things about the Residential Renewable Energy Tax Credit is that it is clearly targeted at the middle class. Unlike other tax credits, which are designed to help the working poor, this incentive has been carefully crafted to assist middle class homeowners who would like to convert their properties to solar power.
Under the program, homeowners may be able to go solar with little or no upfront costs. There are solar loan programs available that can reduce or even eliminate the upfront outlay of cash. Homeowners who choose to pay cash can get an immediate payback in the form of the tax credit, along with ongoing electric bills that could be 70-90% lower. With all those advantages, there is no reason to put it off any longer.