Solar Tax Credit 2024: What You Need to Know
By Millstream Construction
Have you been wondering if it makes sense to pursue solar energy? Maybe you’ve heard about solar tax credits and would like to take advantage of the opportunity to access them. Perhaps you’ve met with a solar power company that has detailed the many benefits of solar energy. Whether you manage a commercial building or own a residential home in Connecticut, you should understand the advantages of solar energy, including solar tax credits in 2024.
Solar Tax Credits In 2024
A federal tax credit provides a dollar-for-dollar reduction in your tax liability. It serves a valuable function for countless individuals, families, and businesses needing tax savings. To be eligible for a federal tax credit, you may need to make a particular purchase in accordance with the guidelines established by the federal government.
Also known as a Solar Investment Tax Credit (ITC), the federal solar tax credit encourages Americans to invest in renewable solar energy. This credit reimburses a percentage of the solar energy system’s price – both the equipment and installation labor. The taxpayer must purchase and own the system to qualify for this credit.
In 2024, if you purchase qualifying solar panels or photovoltaic (PV) cells, 30% of the cost, including the equipment, contractor labor expenses (site preparation, assembly, and initial installation), permit fees, inspection costs, and developer fees, are reimbursable. Labor requirements must satisfy the Treasury Department’s regulations.
Solar panels, or photovoltaic cells, are large, flat structures that resemble windows. They convert sunlight into electricity. Typically, solar panels come in three forms: monocrystalline, polycrystalline, and thin film. Energy storage devices with a capacity of at least 3 kWh are also eligible for a federal solar energy credit.
Determining Whether To Go Solar
Converging your personal or business energy needs with solar power is a crucial financial decision. Few individuals, families, or corporations switch entirely to solar energy. However, if you choose to do so, solar power can become your primary energy source.
If you intend to remain in your home or business for the foreseeable and long-term future, switching to solar energy makes economic sense. You can generate substantial savings year over year, and energy savings accumulate over a long period.
Additionally, the average amount of sunshine your property receives daily or seasonally should determine whether you pursue solar energy. If you reside in an area where very little direct sunlight reaches your home or business, solar power may not be an ideal choice at this time.
Working With A Roofing Professional That Installs Solar Energy Systems
Connecticut residents need to know that solar energy systems provide unmatched access to renewable power. Solar panels represent the wave of the future. Don’t get left behind.
Millstream Construction works with businesses and homeowners to identify the right fit for you. We’ll help you become less reliant on the grid and reduce or eliminate your electric bill. We’ll also ensure that you access any available solar tax credits.
Contact Millstream Construction today to learn more about our roofing services or to schedule a free consultation to discuss solar energy systems.
