Save with Solar Panels in Chicago, IL
If you’re losing enthusiasm for traditional home energy solutions, it may be time to consider making the switch to solar energy. Homeowners who make the switch are not only doing their part to take care of the environment—they’re also saving big in the process. Kapital Electric is dedicated to helping homeowners like you make a seamless transition away from expensive fossil fuels by investing in the installation of quality solar panels that pay for themselves in no time. In fact, in the 2020 tax season, your new solar panels could be paying you!
Invest in Solar Energy in 2020
Did you know that by having a solar energy system professionally installed, you automatically qualify for certain tax credits as a reward for your investment? Through 2020, you can earn a 26% return on the cost of your solar panel installation in the form of a solar energy tax credit. This tax incentive can be claimed the very same year you complete the installation. This means that should you choose to put your tax refund toward your conversion to clean, renewable energy, you’ll be eligible for the tax credit on your 2020 tax return. Make sure to keep all your related receipts for documentation purposes, including costs related to:
- Electrician and contractor fees
- Permit fees and service costs
- Solar consultation fees
- Equipment and material costs
In addition to the federal tax credit, Illinois customers also receive Solar Renewable Energy Credits (AKA SREC’s) and these credits can be sold to the Illinois Power Association in a onetime payment of 25%-30% of the system. You’ll want to act fast, however—the 26% federal tax credit is only available through the end of 2020. In 2021, the credit will be reduced to 22 percent. From 2022 and onward, only new commercial solar energy systems will qualify for a 10% tax credit. Lastly, businesses can also take advantage of the accelerated depreciation which allows businesses to deduct 100% of the cost of the system the first year.
More Ways to Save
You don’t have to wait for your renewable energy credit to start seeing the financial benefit of switching to a clean, environmentally friendly solar panel system; as a homeowner, you’ll be able to start saving from the very first day. By investing in a professionally installed solar system from Kapital Electric, you’ll be free of the costs associated with the transportation and operation of traditional fossil fuel systems. Annual rate increases from your local energy supplier will be a thing of the past. Thinking about selling your home in the future? Installing solar panels now can significantly improve the value of your property. Surveys suggest that home buyers are willing to pay upward of $15,000 more for homes with a preexisting solar panel system.
When you choose Kapital Electric, you’re choosing more than just another electrician. Our team is dedicated to helping homeowners like you get the most out of their home energy systems. If you’d like to learn more about whether solar energy is right for you this 2020 tax season, be sure to give us a call to book a comprehensive, in-home solar consultation.
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