For many years the Federal and local governments have offered rebates and incentives for the use of renewable energy. And while President Biden’s plan for further incentives for solar power is stalled in the Senate oh, there are still many reasons why you might choose to install solar panels in your home at this time.
First, renewable solar power emits no pollutants. the idea that you can generate electricity without creating waste is appealing to many people.
Second, and more importantly to many people, installing solar panels to produce electricity means saving money on your monthly electric bills. it can even mean having no electric bills at all.
Third, in some communities set up to do it, homeowners can sell surplus electricity back onto the grid and to the community. This means that in those situations you become the producer and instead of getting an electric bill you may get income from selling your excess electricity back to the public.
And all of this can happen with rebates that are easily understood, simply to apply for, and available today.
How the Federal Program Works for You
As explained in the “Homeowners Guide to the Federal Tax Credit for Photovoltaics” available at Energy.gov, there is a straightforward energy tax credit available when you choose to install photovoltaics, also known as solar panels, at your residence.
If you meet the federal installation timeline, you are then eligible for tax credits for several parts of the process including:
- Solar PV panels or PV cells used to power an attic fan (but not the fan itself)
- Contractor labor costs for onsite preparation, assembly, or original installation, including permitting fees, inspection costs, and developer fees
- Balance-of-system equipment, including wiring, inverters, and mounting equipment
- Energy storage devices that are charged exclusively by the associated solar PV panels, even if the storage is placed in service in a subsequent tax year to when the solar energy system is installed, and
- Sales taxes on eligible expenses
And, depending on which state you live in and which utilities serve your power needs, you might also be eligible for additional rebates that total thousands of dollars.
For this reason, many people are making the decision to add solar panels to their homes and take advantage of the savings opportunities while reducing their dependence on fossil fuels.
And some of these families are making a profit from selling clean electricity back to the community.
Photo by Vivint Solar: https://www.pexels.com/photo/black-solar-panels-on-brown-roof-2850347/