How to Cut Solar DIY Costs with Financial Incentives Posted on 2 Feb 07:30
Solar DIY enthusiasts can save thousands by installing their own photovoltaic panels.
However, installing your own PV system isn’t the only way to save. Do-it-yourself photovoltaic installations are eligible for several lucrative financial incentives as well. Homeowners who take advantage of these incentives can slash their investment costs by up to 50 percent.
Federal Tax Credit Pays Off for Solar DIY Customers
The federal investment tax credit offers a huge opportunity for savings on a do-it-yourself photovoltaic system.
Install your own system, and you can claim up to 30 percent of your costs as an income tax credit, lowering the amount of money you owe Uncle Sam. Just be sure to remember that the exact tax credit is based on your net costs, or the total system price after subtracting other financial solar incentives.
If you can’t use the entire federal investment tax credit the year of your photovoltaic installation, don’t worry. You can roll the remainder over and claim it next year.
But aspiring solar DIY customers must remember that the 30 percent federal tax credit won’t be around forever. After 2019, the percentage is scheduled to start shrinking until it is eliminated after 2021.
State and Local Financial Incentives for Solar DIY Customers
Solar do-it-yourselfers can further reduce their photovoltaic investment costs by capitalizing on financial incentives offered at state and local levels. Grants, rebates and tax credits can add up to hundreds or even thousands of dollars in savings.
State and local incentives vary widely, but finding out what’s available in your area is easy. Simply visit the Database of State Incentives for Renewables & Efficiency (DSIRE).
DSIRE is funded by the U.S. Department of Energy and is a well-trusted, comprehensive source of information on solar financial incentives. Click your state on the website map to see eligibility details and instructions for the rebates, tax credits and grants you can claim for a do-it-yourself photovoltaic installation.
Help for Solar DIY Customers Applying for Financial Incentives
Most solar do-it-yourselfers get excited about the savings they can realize with tax credits, grants and rebates for their photovoltaic installations. However, they are considerably less enthused about the idea of filling out all the necessary paperwork.
If you have a complex tax situation or need assistance with state or local financial incentives, we recommend seeking the assistance of a CPA or tax expert.
If you simply need a little help with preparing the federal income tax credit paperwork, however, we have good news. Solar GOODs offers this service for a nominal fee, and our professional experience in completing the paperwork ensures that our solar DIY customers will receive their maximum tax credit benefit.
Visit the online do-it-yourself solar superstore at Solar GOODs today to learn more about how affordable a home solar energy system can be. We look forward to helping you with all your solar DIY needs.