A wise man once said, “In this world, nothing can be said to be certain, except death and taxes.” Thank you Benjamin Frankin for your wise words of advice.
As much as we wish it wasn’t true, Benjamin Franklin was pretty spot on with his thoughts about death and taxes.
The Truth About Taxes
Taxes. No one enjoys paying them. We’d all rather use the money for something else. Perhaps, a vacation, a new side-by-side, the kids’ college tuition, the list goes on. Yet, paying our taxes is a necessity.
Fortunately, governments large and small attempt to influence our behavior through tax incentives giving us a few ways to ease the pain and get a little something for ourselves in the bargain.
For example, for years, the federal government and the state of Utah have encouraged businesses and individuals to invest in renewable energy through tax credits.
When you install solar panels on your home or business, you’ll get 30 percent of the cost of the project back in the form of a tax credit.
Not a bad deal when you think about it, especially since you get free power from the sun in return.
Unfortunately, the 30% tax credit won’t stick around for forever.
Come 2020, the federal tax credit for renewable energy upgrades for both businesses and homeowners will drop to 26 percent. Then in 2021, it drops again to 22 percent and in 2022 it goes away altogether for residential solar and drops to 10 percent for businesses.
Now Is The Time To Go Solar
What does this all mean for you? This means that the best time to get solar installed on your home or business is NOW! The cost of solar has slowly been falling and know will go up fairly rapidly.
And that means, right now, and for the next six months, this will likely be the best time to install a solar array on your home or business for several years to come.
Getting 30 percent of the cost of a solar array back on your tax bill can mean thousands of dollars in your pocket instead of Uncle Sam’s come April 15th. This makes the return on your investment and the break-even point for solar far more attractive to home and business owners.
When you couple the tax incentives with the state of Utah’s new C-Pace program, a solar project can have a huge impact on revenue for business owners. Not to mention the public relations bonanza you can reap by becoming a “green” business. There’s a reason Uinta Brewing Company brags about how sustainable their brewery is; it’s good business.
If switching to clean energy is something you’ve looked into in the past, whether for your business or your home, but you were scared off by the high price tag or the numbers didn’t make sense at the time, you’ll want to look at it again before the end of 2019. You’ll want to take advantage of the tax credits!
The numbers won’t get any better than they are right now for quite some time.
There’s no shame in taking advantage of these tax incentives. The tax incentives are a win-win for all those that are involved. They help you get a great tax return and you are able to help create a more energy efficient space for you, your family, and your community. They help keep the air around us clean, increase our energy independence, reduce greenhouse emissions and have the potential to save you or your business a whole lot of money while they last.
To learn more about ACES Solar, fill out the form below or give us a call.