The Federal Investment Tax Credit—sometimes referred to as the Solar Tax Credit or solar ITC—is a dollar-for-dollar reduction in the income taxes that an individual or company would otherwise pay to the federal government come tax time. On December 21st, 2020, both houses of the U.S. Congress passed legislation focused on providing pandemic relief for millions of Americans struggling during COVID-19. Included in the $900 billion relief deal is an extention of the Federal Investment Tax Credit (ITC) for qualifying solar power systems until 2023, giving home and business owners two more years to take advantage of the generous solar incentive.
What this means for our solar customers, is that they will have two extra years to claim the 26% solar ITC and save on a new system.
In order to be eligible for the full 26% Solar Tax Credit, you must also complete the installation of your solar power system by the end of 2022 and own the system (if you lease the system, the company you lease from would be able to claim the credit). The solar Photovoltaic system must also be new or being put in use for the first time (i.e., you can only claim the credit on the “original installation” of the equipment). At Apollo Sunergy, we know how to maximize the benefits of this, limited-time, Federal Program!
Contact us today, and let us show you how to make the most out of the Solar Tax Credit!