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.

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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 to new commercial solar power system. Anybody looking to install a new solar power system, whether residential or commercial, will find it more financially accessible to do so while the credit is as high as possible.

Thankfully, the IRS Safe Harbor Rules Solar, allows for potential solar customers to still take advantage of the higher 2020 deductible rate. Beginning construction of a solar project during 2020 can help secure a “Safe Harbor” for a potential client, allowing them to claim the higher 26% deductible rate.

Continue Reading for more details.

Address Details:

iSolar Brokers

222 S. Main St., 5th Floor, Salt Lake City, Utah 84101 USA

Business Email: support@isolarbrokers.com

Business Phone Number: 800-803-0869

Location: Salt Lake City, UT, USA

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