Solar Investment Tax Credit Saves You 26%
There is a generous federal tax credit that lowers the total cost of a renewable energy system by 26%. This money-saving opportunity is available for both residential and commercial solar energy installations in Maine. Grid-tied, hybrid, and off-grid 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 labor.
Installing a solar system on your home can qualify you for the Solar Investment Tax Credit. For example, if you install a $10,000 solar system, the tax credit would reduce the total net cost of the system by an estimated $2,600. 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!
Get Credited for Surplus Electricity with Net Metering
Solar energy customers that are connected to the power grid can be credited for the surplus solar electricity that they feed to the power grid. This is called net metering or net energy metering. For example, many solar households generate more solar electricity than they consume on sunny days. If the system doesn’t have batteries, all this electricity goes to the power grid and you will receive credits.
Many Sundog Solar customers pay only the monthly connection fee to the electric company. Such homes are net zero which means that the solar panels generate all the electricity the household consumes over the course of a year.