Federal solar energy incentives get reduced after this year, publishes jamarpower.com
FOR IMMEDIATE RELEASE
(Santee, California) — According to existing tax law, 2019 will be the final year for homeowners and businesses to be able to receive the full 30 percent Federal Renewable Energy Tax Credit for purchasing and installing a solar energy system.
Next year, 2020, the tax credit will drop to 26 percent, followed by another 4 percent decline in 2021. In 2022, the tax credit for homeowners will be eliminated, and a 10 percent credit will be offered indefinitely to businesses.
In 2005, America’s Energy Policy Act kick-started the 30 percent Federal Renewable Energy Tax Credit for incorporating solar energy among the nation’s home and businesses. This incentive was initially scheduled to end in 2008 but was extended until 2016. From there, the policy was made to continue through 2019, with the reduced credits in 2020 and 2021.
The federal incentive program has helped create explosive growth in the solar industry. According to the Solar Energy Industry Association (SEIA), the solar industry has averaged 59 percent growth annually for over a decade, creating more than 10,000 small businesses, 250,000 jobs, and generating over $17 billion in the U.S. economy in 2017. SEIA states that current solar energy systems installed generates enough power for over 11 million homes.
According to the U.S. Dept. of Energy, to be eligible for the full 30 percent Federal Renewable Energy Tax Credit, a solar energy system must be placed “in service” by December 31, 2019. The Energy Star website states that the IRS defines “placed in service” as when the property is ready and available for use. Essentially your solar energy system must be installed and operating by December 31, 2019, to qualify for the full 30 percent Federal Renewable Energy Tax Credit.
Phil Edwards, President of Jamar Power Systems in Santee CA, stated, “Based on experience, when tax credits change, a system-wide rush to install occurs, and demand outstrips supply. First choice contractors become booked up, and the consumer is forced to use a second or third choice contractor at a higher price. It’s simple economics.”
“If you’re thinking about a solar project for your home or commercial property, you should start the process now before you miss the window of opportunity,” Phil Edwards continued. “Especially for commercial properties, where the solar construction process usually takes longer.”
Currently, zero $ down solar loans with monthly payments less than your average electric bill are readily available to qualified consumers. Savings can begin the day your system is turned on.
“We encourage local property owners to learn more about solar power and their financing options by visiting our website at jamarpower.com.” Phil Edwards ended.
About Jamar Power Systems:
Founded in San Diego County in 1984, Jamar Power Systems (JPS) provides residential and commercial electrical services and solar energy systems installation and repairs. JPS electricians and solar providers have a diversity of experience in their field. The company services San Diego and Riverside Counties with quality solar energy systems. More than 150 customers have afforded them five-star reviews with the BBB, Google, Yelp, Solar Reviews, and other consumer sites.
Santee, CA 92071