The demand for renewable energy continues to grow in the face of rising electricity costs and climate change. More and more people are turning to solar energy systems to reduce their utility bills, increase their savings, and power their homes and vehicles.
Delving into the world of solar energy can seem daunting at first, but it’s not rocket science. No matter your questions or concerns, Flare can help uncomplicate the process and provide you with solutions that meet your unique needs. Learn all about how solar energy works and everything it has to offer.
Depending on the financing option you pursue, you can get a solar energy system with little to no upfront costs. The best part? While energy costs continue to rise, you’ll be paying the same price for your solar energy system. Even in your first month of going solar, you’d already have saved more money than you’ve spent.
In 2022, the solar tax credit was only worth 26% of solar installation costs. It was set to go down to 22% and be eliminated for residential systems in 2024. However, the Inflation Reduction Act (IRA) brought it back up to 30%. This tax credit incentive is also retroactive, so homeowners who had installations done in 2022 can still receive the 30% tax credit.
The IRA seeks to increase and extend the federal solar tax credit with a 10-year investment tax credit extension for solar projects with residential, commercial, and utility applications.
Residential solar batteries are also eligible for the 30% tax credit even when they are not connected or powered by solar panels. Before the implementation of the IRA, solar batteries had to be connected to a system to qualify for federal tax credit incentives.
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