JACKSONVILLE, Fla – There is one way to reduce your tax bill and green up the planet but you need to act fast before the dollars go away next year.
Time is running out to save on your tax bill by claiming solar power tax credits which are set to start expiring at the end of this year.
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Federal tax changes will reduce the 30% tax credit incentive for homeowners who go solar down to zero by 2022.
Unlike a tax deduction, which decreases taxable income, a tax credit directly offsets income taxes owed, leaving more money in taxpayer’s pockets.
This means you can reduce next years taxes by 30% of the solar system cost through the end of 2019, then 26% until the end of 2020, and then 22% until the end of 2021.
The credit applies to a taxpayer’s home but not to a property that is rented out.
Any excess credit greater than that year's tax liability can be rolled into the following year.
U.S. solar installed capacity increased by 24.7% in 2017 according to the U.S. Department of energy yet despite the increase, the Sunshine State ranks ninth nationally in solar resource strength according to the National Renewable Energy Laboratory and tenth in solar generation by the Solar Energy Industries Association.