How Using Solar Energy in Coachella Valley Helps You Save Money
If you’ve been using solar energy in Coachella Valley since 2020, you’ve been able to deduct 26 percent of your system’s cost from your taxes every year. That’s because for the better part of the last three years 26 percent has been the federal tax credit for solar, but that will change in 2023.
Next year’s federal tax credit for owners of both residential and commercial solar energy systems will be 22 percent, and unfortunately, it will continue to go down. In 2024 the federal tax credit for commercial solar energy systems will drop to 10 percent and be nonexistent for residential solar energy systems. That’s why you’re better off having Stada Energy install your solar energy system sooner rather than later.
About the Federal Tax Credit for Solar
Originally the federal tax credit for solar was only supposed to exist for two years (from when it was created in 2005 to 2007), but because it has helped countless residences and commercial properties across the United States go solar, it’s still here!
As long as you own your property’s solar energy system, you can benefit from this tax break. There is no income limit on the program, and you can stretch out the federal tax credit over multiple years as long as it still exists in those future years. For instance, if you get a solar energy system installed for your residence in 2022, you can deduct 13 percent of its cost from your taxes this year and deduct the other 13 percent in 2023.
The Federal Tax Credit for Solar Encourages Using Clean Energy
The federal tax credit for solar still existing close to 20 years later shows how beneficial it’s been for not only Coachella Valley residents and business owners, but people all over the country!
That’s because the federal tax credit for solar motivates people to use a more sustainable energy source. Proof of this is how it’s helped expand the country’s solar industry by over 10,000 percent, according to the Solar Energy Industries Association.
Claiming the Federal Tax Credit for Solar
You can claim the federal tax credit for solar when you file your yearly federal tax return. If someone does this for you, like a certified public accountant (CPA), make sure you let him or her know you have a solar energy system so you can keep more of your money.
Solar Energy Saves You More the Sooner You Get it
As the amount of the federal tax credit for solar continues to decrease, it’s best to have Stada Energy’s solar experts install your solar energy system as soon as possible. Whether it’s for your residence or commercial building, we can help you with your solar energy needs, including telling you more about the benefits of the federal tax credit for solar.