2020 Federal Solar Tax Credit: Take Advantage Now Before It’s Too Late
2020 is the last year the federal solar tax credit will be at 26%. If you’ve been thinking about getting solar power for your home, now is the time to act. The federal government will soon be sunsetting the solar tax credit for residential homes, but getting started on your new solar array now will help ensure you lock-in this money-saving credit. The federal solar tax credit, also called the solar investment tax credit (ITC), is a nonrefundable credit that is currently set at 26% of your total solar array cost, including the panels themselves, installation, equipment, permitting, and more. So, if the total cost of your installed solar array is $20,000, you would owe $5,200 less in federal taxes. Not bad right? Again, the most important part is to…