Save BIG with Federal Solar Incentives in 2021
The chance to claim the full 26% tax credit on your solar has been extended and spots are filling up quickly*. The longer you wait, the less of a credit you’ll receive.
The (residential) federal solar tax credit schedule is as follows:
- 2021 through 2022: 26% solar tax credit
- 2023: 22% solar tax credit
- 2024 & beyond: No tax credit
The (commercial) federal solar tax credit schedule is as follows:
- 2021: 26% solar tax credit
- 2022: 22% solar tax credit
- 2023: 10% solar tax credit
- 2024 & beyond: No tax credit
How the Federal Investment Tax Credit Works
The Federal Investment Tax Credit is a huge potential benefit to home and business owners looking to install solar, and encouraging them to invest in improving their property with renewable energy. If you install a solar panel system in your home, you’ll be able to claim up to the maximum amount for that given year as a credit, thus dramatically lowering your tax liability.
Let’s look at an example. Say you install a solar panel system on your roof that costs about $20,000. Through this solar program, you would be able to claim a credit for up to 26 percent of that amount on that year’s tax return. That means you’ll receive a $5,200 credit towards your tax burden for the year in which you installed your panels. Say your tax burden for the year is $10,000, well after applying your $5,200 credit, you’d be left with just $4,800 to pay!
Keep in mind that you’ll get immediate monthly cash savings that provide a return on that investment, and that with today’s low interest rates and $0 down financing you can go solar with nothing out of pocket.
New Mexico Solar Incentives
While the federal government offers a number of tremendous benefits, state and local governments have also implemented programs to encourage residents to decrease their reliance on an aging electrical grid and help the environment by reducing dependence on fossil fuels.
- Net-metering: You can sell the extra electricity your system generates back to the grid for a credit or even a refund on your utility bills!
- No Gross-Receipts Tax: That's an additional 5-8% savings.
- Additional 10% state tax credit (maximum $6,000 cap) and with limited budget available on a first-come first-served basis.
* Consult with tax professional to determine if credit can be fully utilized based on your taxable liability.
Learn more about switching to solar by contacting Positive Energy Solar at (505) 908-9578 today! We offer a FREE consultation.
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Trust in our New Mexico solar experts to bring the power of the sun to you. Let our company show you how we can decrease your utility bills.
Why should you make the switch to solar electricity? There are many benefits, including a lower carbon footprint, which helps save the planet, lower dependence on the electrical grid for your power, and many more. But the real reason most people want to switch is to lower their utility bills and save money. Now, thanks to new federal incentives, New Mexico residents can save even more thanks to tax credits and other incredible benefits. With all of the programs designed to help ease home and business owners into their transition, there has never been a better time to switch to clean, renewable solar electricity!
If you’re considering switching to solar, trust the number-one reviewed solar installer in New Mexico! Positive Energy Solar provides high-quality solar products installed by experienced and knowledgeable technicians. We are extremely proud of our 100 percent customer satisfaction rating on more than 4,500 solar installation projects throughout New Mexico. No matter how small or large your solar system might be, you can trust that our team will get the job done right and back it up some of the industry’s best guarantees, including our Worry-Free 30 Year Warranty!
Speak with a New Mexico solar power expert today! Call Positive Energy Solar at (505) 908-9578 to find out if switching to solar is right for you!
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Top Quality Solar PV Panels
The solar panels we install lead the industry in efficiency, durability, aesthetics, warranty and more. We carefully select our solar technology to ensure the best long-term value and longevity for our customers. If we wouldn't install it on our own home or business, it won't go on yours.
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Since 1997, we've built our reputation on providing a better solar experience. Our New Mexico solar experts go above and beyond to ensure transparency, discuss your goals, and ensure you get the service you deserve when going solar. We offer no-pressure solar consultations and proposals, white-glove service and handle everything for you to provide efficient, friendly, and hassle-free service.
We're committed to servicing our clients for the duration of your solar warranty and are one of the only solar companies with a dedicated service department, ensuring long-term value for your investment. Our team of highly certified solar technicians are easily accessible for maintenance, warranty claims or future upgrades. After all, what good is a warranty if you can't get the support you need?