Is 2019 A Good Year To Go Solar?
Written by Sarah Lozanova
Now is a great time to go solar! Grid electricity rates continue to climb in many areas across Georgia and the Carolinas. Meanwhile, solar electricity rates are falling. Over the past decade, solar energy equipment prices have dropped dramatically, and the solar tax credit is in full effect through the end of the year. The economics of installing a solar energy system in the Atlanta, Charlotte, Greenville, Columbia, and beyond have never been better.
2019 is the Last Year the Solar Income Tax Credit is at 30%
The federal government offers a tax credit for residential and commercial solar energy systems. This solar tax credit will start tapering down in 2020. Take advantage of the full federal tax credit by installing your solar system before the end of 2019, and you can still qualify for the 30% tax credit.
A tax credit is a dollar-for-dollar reduction in income taxes owed to the federal government, and it is more valuable to the taxpayer than a write-off. The tax credit applies to the total solar system cost, including solar panels, equipment, batteries, and installation. A $10,000 solar system has a $3,000 federal tax credit and a $20,000 system can qualify for a $6,000 tax credit.
Solar Panel and Equipment Prices are Down Despite New Tariffs
There was concern that the tariff on imported Chinese solar panels would increase solar energy prices. This has not been the case at Solar Plus. We source quality solar panels that were manufactured in other countries, and we continue to offer our same low prices to our customers.
Bonus Depreciation for Commercial Solar Systems
Companies with solar energy systems can now depreciate the entire cost of the solar system in year one. In the past, the depreciation had to be spread out over 5 ½ years. Bonus depreciation is helpful for companies because it reduces the payback period of the solar power system. Businesses can also utilize the Investment Tax Credit (ITC), also known as the federal solar tax credit. When combined, the bonus depreciation and the solar tax credit significantly reduce the net price of a new solar system.
Solar Energy Benefits the Planet
As concern about the environment and air quality increases, renewable energy is a great way to take action. Solar panels produce clean energy while reducing greenhouse gas emissions and dependence on imported fossil fuels. It is a win-win for the local economy and future generations.
Why Choose Solar Plus?
With years of solar energy experience, Solar Plus is dedicated to getting the job done right. Our secret to success is that our president, Don Tonic, is on the roof managing solar installations in the field not from behind a desk. The Solar Plus installation team contains skilled workers dedicated to performing quality work.
