Astro Solar

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WHAT IS A SOLAR TAX INCENTIVE?

Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics This guide provides an overview of the federal investment tax credit for those interested in residential solar photovoltaics, or PV.

Going green can be a valuable investment for a homeowner, with benefits that extend beyond resale value.
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Solar panels are proven, time and time again, to pay themselves off, usually in less than ten years' time, reducing energy costs and decreasing your impact on the planet. Considering this, many homeowners find themselves asking the question: are solar panels still worth getting in 2023? In short, the answer is yes.

What To Know About The Solar Tax Credit Extension For 2023 And Beyond!

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What Is the Solar Tax Credit?

The Solar Tax Credit reduces your income tax in exchange for going solar. The ITC allows homeowners and business owners who have purchased and installed solar photovoltaic (PV) energy generation systems in 2022 or will do so before 2033 to claim a federal tax credit equal to 30% of the overall cost of the system’s components, installation and associated fees during the year of installation.

A tax credit is a one-for-one dollar amount reduction from income tax that you would have paid without the credit. If your solar PV system costs $20,000 and you claim the ITC at 30%, you will owe $6,000 less in income tax for the year, effectively lowering the system’s total cost to $14,000.