- The benefit of the solar tax credit for a taxpayer can essentially be boiled down to the benefits of installing a solar system in your own home or your business. The very first advantage is the fact that you get to claim 30% of the installation costs with no cap to how much your system costs.
For example, if you got a system that costs $10,000 you can claim 30% of that and have a tax credit of $3,000. Should your neighbor install a solar system worth $100,000, they get to claim $30,000.
The solar tax credit also has the following advantages:
- It has made solar energy more affordable for many home and business owners.
- It encourages home and business owners to buy their own solar panels-leasing disqualifies you from the tax credit.
- It helps you save money both during the installation of the solar system.
Thanks to the solar tax credit, you start saving money from day one. Even the fees that go into consultations with a professional solar energy expert count as part of the installation costs.