Installing a solar energy system in 2022 is not only a smart move for the environment, it’s a smart move for your finances. However, the time to act is now. The solar Investment Tax Credit (ITC) is 26 percent through December 31, 2022, and drops to 22 percent in 2023. Your state may also offer tax incentives, rebates, and discounts. Some states will even waive state sales taxes on solar panels, saving homeowners hundreds of dollars.
You can qualify for the federal ITC if you meet these criteria:
· You own your solar energy system outright
· Your system is located at your primary or secondary residence or for a community solar project that is off-site
· The system is located in the United States
· Your solar panels were installed and are generating electricity in the tax year in which you apply for the credit
Global concerns about climate change, the federal government’s current emphasis on renewable, clean energy, and rising electricity rates have made solar a practical option for households of all income levels. In Connecticut, for instance, the average resident with solar panels saves over $100 per month on electricity. These savings are bound to increase as energy rates continue rising every year.
Solar not only makes sense for residential homeowners, but also for businesses. Businesses are eligible for the federal ITC and state incentives and can substantially decrease their monthly utility costs. In addition, consumers are becoming more environmentally conscious, and are more likely than ever before to seek out products and services from companies that are making the effort to reduce pollution and carbon emissions.
Finally, solar energy offers homeowners and businesses a reliable source of energy with low maintenance costs once the panels are installed. In some states, surplus energy that is generated can even be sold back to the utility company, further benefiting the solar owner.
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