Federal Tax Credit Is 30%
Nearly a third of the cost of your new solar system can be offset by the a 30% Federal tax credit. This powerful incentive, known as the ‘Investment Tax Credit’ (ITC), was bolstered by the IRA Act of 2022 and is designed to grow solar power in the USA. Another great feature of the Solar ITC is that the value can be used to offset your taxes through 2033, increasing the chances that you can utilize the entire credit. The ITC is yet another reason for going solar – and Sundance is ready to help you realize your solar dreams!
Check out this video that explores how the solar tax credit can help you. It is the latest in our FAQ video series that covers various solar and solar-related topics:
(CLICK IMAGE BELOW TO VIEW VIDEO)
(Transcript)
Jeremy:
Hi, I’m Jeremy, and I’ve got James Fisher with me, with Sundance Power Systems. How are you doing today, James?
James:
Doing great, Jeremy. How are you?
Jeremy:
Oh, doing good. Now, these guys, Sundance Power Systems, these guys are solar installers. And you guys have been designing and installing solar for nearly 30 years.
James:
That’s right.
Jeremy:
And we wanted to just focus on solar tax credits in this video. So what are solar tax credits? And how do they work?
James:
Okay, well, right now, there is a 30% federal tax credit. This came to be with the IRA Act of 2022, and it’s good for about 10 years. What that means is, you get 30% off your solar system, in the form of a tax federal tax credit.
Now, the beauty of this is, you don’t have to use it all in the first year. You can spread it out over five years. (CORRECTION: the tax credit can be used until the full value is used, through 2033) So, you get an amount of whatever 30% of your system is, that’s your tax credit. Maybe you use it, the entire amount, the first year. Maybe you spread it out over 2, 3, 4, or 5 years (or more). But what it really does is, it’s a great incentive to subsidize the cost of your solar system, and get you going solar as fast as possible.
Jeremy:
Got it. So, if someone wants to learn more about solar or Sundance, what can they do?
James:
Well, visiting our website is always a good idea, sundancepower.com. Lots of information there on our history, and all the different ways to finance the system; tax credits, service, everything we do. Or you can just give us a call, (828) 645-2080.
Jeremy:
Awesome. Well, thank you so much.
James:
You’re welcome.
