Solar power systems offer a clean, affordable energy solution that allows you to reduce your home’s carbon footprint, while helping you to save money in the process. In addition to these enticing solar power system benefits in Scottsdale, AZ, the state offers additional financial benefits as they continue to push for the use of alternative energy sources. If upgrading your home with a solar panel system is something to which you’ve given consideration in the past, read on to learn about just a few of the incentives and bonuses you would be eligible for if you decide to take the next step with an installation in 2020:
- Residential solar energy credit: The state of Arizona offers the possibility for homeowners with solar systems to receive a 25 percent credit on the costs of the system, or up to $1,000, whichever is less. If the credit amount is more than the taxes you owe, you can continue to carry the credit over for up to five years.
- Energy equipment property tax exemption: As a part of its commitment to protecting the environment’s valuable resources, Arizona also provides property tax relief for homeowners with the Energy Equipment Property Tax Exemption. As the installation of a solar system can boost the value of your home by up to $15,000, this credit covers the additional property taxes associated with the increased value.
- Federal solar tax credit: In addition to the many property and tax incentives provided by the state, the federal government also grants bonuses for those who have upgraded their homes with solar panels. For homeowners who paid for their solar system outright, the government offers a dollar-for-dollar reduction against your federal income tax up to 26 percent. If you have been considering making the upgrade for a while, 2020 is the year to take action, as this tax credit will be reduced to 22 percent in 2021 before being eliminated in 2022.
- Sales tax exemption: On top of all of the bonuses for which you’ll become eligible after your full solar system has been installed, there are also benefits that can help with the upfront costs. When you buy your home solar system as well as any other solar and wind equipment, all Arizona sales tax will be waived, resulting in a substantial reduction in the amount you pay when the system is purchased.
If you are ready to upgrade your home in 2020 and enjoy these and other solar power system benefits in Scottsdale, AZ, make sure you call Aneva Solar. We understand how financially daunting the prospect of a new solar power system can be, and it’s our mission to make solar panels affordable and customized for each home. In addition to beating most competitors’ pricing by 10 to 20 percent, we also offer financing options so you can increase your home’s equity and begin reaping the return on your investment right away. We take pride in building solar power systems that will last for many years to come—contact us today to learn more about how you can get started!
Categorised in: Solar Energy Benefits