If you’re considering solar, you’ve probably heard about the federal solar tax credit, also known as the federal Investment Tax Credit (ITC). If you have a solar system on your property, you’ve probably heard about the federal solar tax credit, also known as the federal Investment Tax Credit (ITC). The ITC makes solar more affordable for homeowners and businesses by granting a dollar-for-dollar tax deduction equal to 26% of the total cost of a solar energy system. There’s plenty of information out there about the value of the ITC, but figuring out how to actually claim the credit when it comes time to file your taxes is another story. In this article, we’ll walk you through the instructions step by step from figuring out if you’re eligible to completing Form 5695 to adding it to Schedule 3 and Form 1040.
Continue readingTag Archives: Incentives
Federal ITC savings: 2020 vs. 2021
One question we field a lot at EnergySage is whether it’s the right time to install solar panels. For anyone asking that question in 2020, the answer is often as soon as possible: given the looming step down and expiration of the federal investment tax credit (ITC), solar shoppers who wait until 2021 or later to move forward will be missing out on major tax savings – but just how much?
Continue readingConnecticut solar battery incentives
If you’re a homeowner in CT, you’re probably very familiar with the state’s harsh winters: frequent nor’easters have many people across New England looking for ways to keep their homes up and running during powerful storms. Fortunately, solar batteries can do just that: thanks to declining costs, federal tax credits, and–for customers of Eversource–utility incentives, solar batteries are more affordable than ever before. Here’s a quick summary of the battery incentives currently available in Connecticut:
Continue readingNew Hampshire solar battery incentives
Are you considering installing a solar battery in the Granite State? Fortunately, there are a few financial incentives available to help you save on costs, especially if you’re a customer of Eversource or Liberty Utilities. Full disclosure: these incentives…rock (we know, cheesy NH joke…just couldn’t help ourselves.)
Continue readingSolar news: June 26th, 2020
In this week’s Solar News Roundup, New Jersey’s governor announces support for an environmental justice bill, and the federal government introduces a new infrastructure bill full of provisions for the solar and storage industries.
Continue readingSolar battery incentives in New York
If you’re a New Yorker considering your solar battery options, you’re not alone: energy storage has become an increasingly popular purchase for homeowners interested in keeping their homes running during a grid outage. Fortunately, due to declining costs, federal tax credits, and–for Long Island homeowners–state incentives, solar batteries are more affordable than ever before. Here’s a quick rundown of the battery incentives currently available in New York:
Continue readingSolar battery incentives in Vermont
Vermont is well known for all of its seasons, but especially for its harsh winter storms (trust me, I grew up there). Historically, many Vermonters have relied on diesel-powered generators to keep their homes running during a power outage, including those regularly caused by mid-winter ice storms. However, generators are no longer the only option for those looking to keep their lights on in the event of an outage: thanks to a number of incentives, solar batteries are becoming an increasingly attractive and financially-viable solution, particularly for customers of Green Mountain Power (GMP).
Continue readingHow to claim your SGIP rebate
One of the best financial incentives for batteries in the US is California’s Self Generation Incentive Program, or SGIP. If you are a home or business owner in California, SGIP provides rebates that help you to significantly reduce the cost of installing an energy storage product. We get a lot of questions from homeowners who are curious about how to best take advantage of this incentive program and to claim their SGIP rebate, so we read through all of the program documentation and compiled the relevant info below. Let us know what you think and, as always, feel free to reach out to one of our Energy Advisors if you have any questions about your specific project.
Continue readingThinking of investing your stimulus check? Consider solar.
The Internal Revenue Service (IRS) began sending out stimulus checks earlier this month, providing much-needed cash to a country hit hard by both the health and economic impacts of the coronavirus pandemic. If you’re fortunate enough to not need the cash right away, and are weighing your various options for what to do with the check, you may have encountered other articles telling you how you should spend this cash. We’re not going to do that: whether you use the money to buy something special, put it away for a rainy day, donate it to a worthy cause, or convert the check into twelve-hundred dollar bills to turn your room into a snow globe, we won’t judge!
Continue readingSolar Cost Terminology: Cost Per Watt, $/W and LCOE
What should you look at to determine if you’re getting a good deal on solar? There are lots of things to pay attention to when deciding on a solar energy system; but two of the most useful metrics for evaluating the cost and value of a solar power offer are price per watt, measured in dollars per watt of energy ($/W), and ‘levelized cost of energy’ (LCOE).
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