Updates to the Solar Tax Credit!

Posted on August 18, 2022 in by Brigitte Sinoradzki

If you have been following the news, you may be aware that the Inflation Reduction Act has passed through the Senate and is now on its way to the president’s desk. This massive 700+ page document includes important updates to the solar tax credit. Read on to find out more about what this means for people thinking about going solar and why the time to act is now!

The New Solar Tax Credit.

solar tax creditIn the Inflation Reduction Act, the changes to the solar tax incentives are as follows according to an article in PV Magazine: “The Investment Tax Credit has been increased from 26% to 30%, and may now be transferred or sold to other taxpayers. The 30% applies to both business and residential projects, including projects installed in 2022, and will last until the end of 2032.”

This is another huge win for the solar industry. Earlier this year, Governor DeSantis of Florida vetoed a bill to end net metering. These are also wins for solar customers in Florida and nationwide! It means that your option to have your own, clean and renewable energy is still there. The only other alternative in South Florida is FPL, and their rates are slated to increase over the next few years.

The Time To Go Solar is Now!

In general terms, what these changes mean is that you are now eligible to receive a 30% return on your solar investment. Bison already strives to make renewable energy accessible to everyone. We do this through partnering with various financial institutions, including no-money-down financing. Here are some of the top reasons you should consider adding solar a priority to your home upgrades:

  • The faster you go solar, the faster you will get your 30% tax credit. Why not get your money in 2023 rather than waiting years? 30% is a nice chunk of money that you can put back into your solar investment, or choose to use in any other way you please.
  • With inflation still on the rise, getting 30% back is extra cash in your pocket. To say the last few years have been rocky is an understatement. Having some padding in your bank account is not a bad idea during volatile times.
  • You’ll lock in your energy rates while they are still low. As mentioned above, FPL rates are scheduled to rise drastically. The sooner you go solar, the quicker you’ll lock in your current energy rates, rather than locking them in when they are higher.
  • You’ll start contributing to a healthier environment. The earlier you add solar, the faster you will be directly helping the health of our planet. Climate change is a real threat, and the world is changing as a result before our eyes. For our generations and future ones, the time to act is now!

best investmentsBison Roofing & Solar is poised to help every homeowner in Palm Beach and Broward counties to add solar panels to their homes. We recently added to our staff and made changes to accommodate the growing demand for solar, so this news couldn’t come at a better time. Bison has been in business since 2005, and is well known in South Florida as one of the best solar companies around.

In addition to being a solar company, we offer full roofing services. We actually started as a roofing company before we added solar to our repetoire. This means that we can actually take care of both home improvement projects at once, offering great deals and incentives.

We are thrilled about the Inflation Reduction Act and the solar tax credit updates that are coming with it. Not just because it is good for the solar industry, but because it helps you, our customers. Our business is built on our customer’s satisfaction, and this adds another great reason to go solar today!

The benefits don’t end once you sign up for solar. Check out our referral program by clicking here. 

If you’d like to get started with a free, no obligation, personalized quote, contact us today!

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