How to Get the Solar Tax Credit for 2022
As spring and summer get closer, so does the prospect of high bills to cool our homes. The average monthly electric bill in Florida is over $140. However, your bill will probably be much higher than that during the summer months, when you need to run your A/C system constantly to keep your house cool.
One way to beat the heat and the high bills is by switching to a solar electric system. When you use solar energy for your home, you reduce your reliance on your power company. That means you avoid high costs, and you do something great for the environment by going green.
If you’re concerned about the expense of installing a solar photovoltaic system because of the cost, you should consider the potential tax savings.
What is the solar tax credit?
The federal solar tax creditallows you to write down what you owe in taxes based on a percentage of what you spent on a solar photovoltaic system. In 2022, the solar tax credit is 26%, but it expires on December 31, 2022.
As long as your new system is installed by then in a single-family home that you own, you can take the credit when you file your taxes next year (please work with your certified public account to verify your savings). You’ll receive 26% of your total project costs (including equipment, permitting fees, and installation) as a credit on your federal tax return.
When you install a solar photovoltaic system, you will benefit from:
- Lowers your monthly electric bills
- Do your part to reduce your carbon footprint
- A reliable source of clean energy
There’s no maximum amount that can be claimed on your taxes. For more information but the federal tax credit, visit Energy.gov’s “Homeowners Guide to the Federal Tax Credit for Solar Photovoltaics.”
Bring solar energy into your home
Florida Solar specializes in installing solar energy systems into the homes of residences throughout the Tampa Bay area. Contact Florida Solar to learn more about the solar tax credit at https://floridasolar.solar/contact/. You can also call us at 727-877-3175 for a free quote on a new solar energy system. Our experts are ready to answer your questions show you the financing options available to you.