How the Federal Tax Credit Works
With recent advancements in solar technology, home and business owners can now produce their own electricity instead of depending on utility companies. Through the end of 2020, the Federal Tax Credit can potentially reduce the cost of your solar panel installation by up to 26%! The tax credit will decrease over the next few years, deducting 22% in 2021, so take advantage now!
A tax credit is a reduction in the amount of taxes you owe. The typical solar energy system with GS Homes costs approximately $30,000 for a 6-kilowatt installation. For such a system, a 26% federal tax credit could reduce your taxes by $7,800—and that’s not even counting promotional offers or other credits that may be available. If you know the eligibility requirements and how to claim them, taking advantage of this credit is very easy.
NOTE: We’re not tax people, so we don’t give tax advice. The material made available on this page is used to explain the federal tax credit and is not designed to specifically solve any unique issue. Not everyone will be eligible, so please consult a tax professional before filing your tax credit.