It's been an unexpected year for many who are staying at home and making the best of a globally unprecedented situation in recent history. As we enter the second half of 2020, are you finding yourself thinking about how you can take greater control of your home and wallet to be more resilient against economic uncertainty, or power outages, or unpredictable energy prices? Or perhaps you’ve just been looking for worthwhile home improvements that will pay off in the long run and have been considering solar for a while but just haven’t taken the final step.
Solar installation fits the bill for all of the above, and there are plenty of reasons that 2020 is the year to consider investing in solar panel installation. Here are our top three!
The benefits of having a custom designed solar PV (photovoltaic) system on your home will last for upwards of 25+ years. However, not all of the savings and rebates associated with solar installation will last nearly that long. The Federal Solar Investment Tax Credit, also known as the ITC or the Federal Solar Tax Credit, at its current rate of 26% is only available for another 5 months before it drops to 22% in 2021 before it is gone for good the following year for homeowners.
If you complete your solar installation process before December 31, 2020, you can reduce your 2020 federal tax liability by 26% of your total solar installation costs. Plus, if that 26% covers more than what you owe in federal taxes, you can roll the remainder over into the next tax year.
Battery storage systems also qualify for this solar tax incentive, as long as your battery storage system derives 100% of its energy from a renewable resource, like solar.
So lock in that 26% solar tax credit before the end of the year to be guaranteed to save not only on going solar but come tax time next year.
As the smart saying goes, the early bird gets the worm. Residential solar energy can certainly save you money on your taxes and your energy bills, but one state solar incentive here in Massachusetts offers incentive payments you can receive from the SMART program for your solar output each month for the next ten years. In these uncertain times, there is nothing better than having a guaranteed monthly payment coming in each month for the next decade. As each of the 16 blocks of 200MW projects fills up, the solar incentive declines so the sooner you install solar and get into an open block, the more SMART payments you’re due to receive!
Learn more about SMART incentives here.
Do you suspect you may be working from home more often, even after the pandemic precautions have faded and the economy starts to recover? The post-COVID world may look a little different than what we are used to, which could add up to higher home energy costs - particularly in the summers and winters here in Massachusetts.
Installing solar now in 2020 will ensure you are saving the maximum in electricity costs as soon as you start generating your own electricity from solar and then for the next 25+ years. With a properly designed solar installation for your home, we can reduce or eliminate up to 100% of your electricity costs. And don’t forget about net metering, which can provide you a utility credit to help offset your electricity bills during the darker months of the year.
Have you seen some of the 100,000+ solar panel installations on the roofs of homes and businesses around your neighborhood, and wondered if installing solar panels would make sense (and cents) for your home?
The team at Boston Solar can help you take control of your energy with a residential solar energy installation. We’ll give you an idea of what your costs will be after qualifying for the 26% federal tax incentive, state incentives, and what your energy costs will look like for the life of your system - that’s a 25+ outlook into the future of your home and energy costs. We can even show you how to go solar for $0 and be cash positive on day 1!
It all starts with a free solar quote from the number one Massachusetts based solar installer.
Ready to take control of your energy and benefit from all the 2020 savings before they’re gone? Solar is a sure thing during these uncertain times in 2020! Call Boston Solar at 617-858-1645 or get in touch here to get a free solar quote.