Get “Safe Harbor” on Your Solar Projects for 2020
If you’ve ever been thinking of making the investment to switching to solar energy, sooner really is better than later. Though making the switch to more environmental energy sources has always had great ecological advantages, there is an extra financial incentive to making the switch now. Read on to find out if your business could potentially benefit from the Solar Federal Tax Credit 2020 . A federal spending bill approved by congress in 2015 has been helping to make solar energy more financially accessible since 2016, by allowing owners of new residential and commercial solar energy systems to deduct a portion of their installation cost from their federal taxes. This investment tax credit for solar power currently allows for 26 percent of installation costs to be deducted from one’s taxes. However, this percentage will be dropping to 22 percent in 2021 for new residential and commercial solar systems. Further still, this deduction will fall to a mere 10% in 2022, and will only apply