Did you know that around 18 million homes in the United States of America use solar power and solar energy for their electrical needs? Getting a solar installation for your home is a wise move for a number of reasons, but one of the common reasons is the solar incentives that you’ll benefit from.
Getting Denver solar is a great way to save money on your electric bill each month while also getting the Colorado solar incentive. This incentive rewards you for making the switch to sustainable energy for your home’s needs. Still, there are some things that you need to know about the solar tax and solar incentives before you start installing solar panels on your roof.
The good news is that you’re in the right place to learn more about the solar incentives in Colorado. Keep reading this article to learn three things that you need to know today!
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Federal Solar Investment Tax Credit
Getting a solar installation for your home is a great way to get access to the Federal Solar Investment Tax Credit. You’ll get a 26 percent tax credit on your solar installation when you work with a great solar company like Blue Raven solar company.
You’ll need to get moving if you want this tax credit, as it expires on December 31st of 2022. You’ll need your solar energy system up and running prior to that date to get access to this solar incentive.
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Property Tax Exemption
You’ll also avoid paying more on your property taxes at the end of the year when you get solar energy for your home. When you get Denver solar you’ll be exempt from paying property taxes for the value of your solar energy system at your home.
You’ll get to add more value to your property without having to pay additional taxes to the government for your home improvements. This is a great win for you because you’ll get cheap (or free!) electricity for your Colorado home without seeing an uptick in taxes.
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State Sales Tax Exemption
Another of the great solar incentives that you’ll get when you get solar panels on your home is a solar tax benefit. Homes that have solar installed at their home are exempt from the 2.9 percent sales tax that Colorado residents face. Making the decision to use renewable and sustainable energy sources results in paying less all across the entire state.
2.9 percent might not seem like much, but it will add up over the course of the year when you consider the number of times you get groceries and pay for gas for your vehicle.
Take Advantage of These Solar Incentives in 2022
There are many great reasons to make use of solar energy at your home, like helping the environment and lowering your energy use. There are also tons of solar incentives that you can take advantage of when you choose to get Denver solar for your home. You’ll become exempt from sales tax and you’ll get a 26 percent tax credit from the federal government.
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