Solar Investment Tax Credit Saves You 30%
There is a generous federal tax credit that lowers the total cost of a renewable energy system by 30%. This money-saving opportunity is available for both residential and commercial solar energy installations in Maine. Grid-tied and off-grid photovoltaic solar systems qualify.
Tax credits are a dollar-for-dollar reduction in income taxes owed and are therefore more valuable for the taxpayer than a write-off. Qualified expenses include the cost of the solar panels, inverter, components, and the labor.
Installing a solar system on your home can qualify you for the Solar Investment Tax Credit. If for example, you install a $10,000 solar system, the tax credit would reduce the total net cost of the system by an estimated $3,000. Speak with your tax specialist to determine if you qualify.
The Solar Investment Tax Credit will begin tapering off in 2020, so now a great time to invest in a clean energy system for your home!