As discussed about a few weeks ago, the Solar Tax Credit is due to expire in 2016 – but if you’re seeking to take advantage of the tax credit in 2015, now is the time to get started!

What is the Solar Investment Tax Credit again?

The Solar Investment Tax Credit is a tax credit that can be claimed on your federal income taxes for 30% off the total cost of your PV system, after rebates and coupons have been applied. It is a tax credit, not a return, which means you can use it towards any taxes you may owe, but you will not receive a refund on the amount. The good news is that it does roll over into the next year – so you can apply it to both your 2015 and 2016 tax return if you get started now.

How can I be sure that I qualify to use the credit on both my 2015 and 2016 tax returns?

In order to qualify, you will need to have your PV system completely installed by December 2015. A signed contract or project that’s underway won’t qualify for the credit; only completely installed and ready to use panels will qualify for the credit.

But it’s only October. Why do I need to worry about this now?

Though we do still have a few months before the end of the year, you’ll want to get the process started as soon as possible. Sometimes, the process can take a few months to secure financing and completely install the system, which means that it might be cutting it close to January by the time your panels are ready to go.

If you’re planning to install solar soon, we want you to be able to take full advantage of the tax credit. Our installation appointments are filling up quickly. Call today to book your appointment! (916) 853-2700

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