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Get it Before It’s Gone – An Overview of the Solar Investment Tax Credit

What is the Solar Investment Tax Credit?

The Solar Investment Tax Credit (ITC), sometimes referred to as the Federal Solar Tax Credit, allows you to deduct 30% of the cost of installation for a solar PV system. This deduction is available at no cap, making it a great way to bring down the cost of installing the solar system of your dreams!

Who and What Qualifies to claim the ITC?

The ITC is available to anyone who owns and installs a solar PV system that is made operational in the same year the taxes are being filed. This means if you purchase, install, and are making power in 2019, you will be eligible for the credit on your 2019 federal tax return. The entire cost of your system can be used to receive the credit. This include parts, labor, and even roof repairs required for the system. There are some limitations to including the cost of a new roof for the credit, so make sure you work with your tax professional to see if yours will qualify. This credit is available for both commercial and residential properties….for now.

Why is this important now?How ITC Works Graph

The reason this year is so important is because 2019 is the last year that the tax credit will be available at the full 30% rate. By 2021, the credit is reduced to 22% for both property types; and starting in 2022, the credit will be reduced to 10% and will be available to commercial properties only.

How do I claim the ITC?

Claiming the credit is easy. Just make sure you hang on to invoices and receipts pertaining to the project, and let your tax professional know you installed a Solar PV System within that tax year. If you do your taxes on your own, you will need to fill out a Tax Form 5695. Instructions for filling out this form accurately can be found here.

In order to ensure your system is eligible to claim the 30% tax credit on your 2019 taxes, schedule a FREE solar site visit today. You can call us at 1-920-893-8388 or head over to our “Contact Us” page.

Sources: Southern-Energy

At A Glance

  • System Size

    173.6kw

  • Estimated Savings

    $28,483 Annually

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metered

  • Environmental Equivalents

    184,864 Pounds of Coal

At A Glance

  • System Size

    26kw

  • Estimated Savings

    $4,238 Annually

  • Utility Provider

    Two Rivers Water & Light

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    2,411,958 Smartphones Charged

At A Glance

  • System Size

    23.8kw

  • Estimated Savings

    $3,716 Annually

  • Utility Provider

    Alliant Energy

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    1,948 Pounds of Coal

At A Glance

  • System Size

    197.6kw

  • Estimated Savings

    $22,293 Annually

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metered

  • Environmental Equivalents

    20,695 Gallons of Gas

At A Glance

  • System Size

    149.5kw

  • Estimated Savings

    $23,913 Annually

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metered

  • Environmental Equivalents

    1.8 Tanker Trucks of Gas

At A Glance

  • System Size

    123kw

  • Estimated Savings

  • Utility Provider

    Madison Gas & Electric

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    13,709,514 Smartphones Charged

At A Glance

  • System Size

    389kw

  • Estimated Savings

    $56,681 Annually

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metered

  • Environmental Equivalents

    44,398,424 Smartphones Charged

At A Glance

  • System Size

    133.2kw

  • Estimated Savings

    $1,114,935

  • Utility Provider

    Madison Gas & Electric

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    14,727 Gallons of Gas

At A Glance

  • System Size

    25.7kw

  • Estimated Savings

  • Utility Provider

    WE Energies

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    26,293 Pounds of Coal

At A Glance

  • System Size

    26kw

  • Estimated Savings

  • Utility Provider

    Alliant Energy

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

At A Glance

  • System Size

    28.86kw

  • Estimated Savings

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metered

  • Environmental Equivalents

At A Glance

  • System Size

    43.6kw

  • Estimated Savings

    $151,039

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metered

  • Environmental Equivalents

    4,817,623 Smartphones Charged

At A Glance

  • System Size

    73.84kw

  • Estimated Savings

    $329,713

  • Utility Provider

    Plymouth Utilities

  • Connection Type

    Parallel Generation

At A Glance

  • System Size

    64.845kw

  • Estimated Annual Savings

    $21,442

  • Utility Provider

    WPS

  • Connection Type

    Parallel Generation

At A Glance

  • System Size

    133kw

  • Estimated Savings

    $386,522

  • Utility Provider

    Alliant Energy

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    12,550 Gallons of Gas

At A Glance

  • System Size

    26.6kw

  • Estimated Anual Savings

    $3,953

  • Utility Provider

    Alliant Energy

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    12,578 Pounds of Coal

At A Glance

  • System Size

    128.7kw

  • Estimated Savings

    $513,821

  • Utility Provider

    Manitowoc Public Utilites

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    13,964,512 Smartphones Charged

At A Glance

  • System Size

    45.5kw

  • Estimated Savings

    $275,531

  • Utility Provider

    WE Energies

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    4,679,952 Smartphones Charged

At A Glance

  • System Size

    1.825 MW

  • Estimated Savings

    $103,000 Annually

  • Utility Provider

    WE Energies

  • Connection Type

    Direct Sell Rate Tariff

  • Environmental Equivalents

    1,740,000 ton of CO2 emissions

At A Glance

  • System Size

    388.8kw

  • Annual Savings

    $51,288

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metering

  • Environmental Equivalents

    26,104 gallons of gasoline consumed. 22,789 gallons of diesel consumed. 256,673 pounds of coal burned. 3.1 tanker trucks' worth of gasoline.

At A Glance

  • System Size

    388.9kw

  • Annual Savings

    $51,340

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metering

  • Environmental Equivalents

    26,135 gallons of gasoline consumed. 22,815 gallons of diesel consumed. 256,973 pounds of coal burned. 3.1 tanker trucks' worth of gasoline.

At A Glance

  • System Size

    299.3kw

  • Annual Savings

    $42,934

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metering

  • Environmental Equivalents

    20,076 gallons of gasoline consumed. 17,526 gallons of diesel consumed information. 197,404 pounds of coal burned.

At A Glance

  • System Size

    50.7 kW - DC

  • Estimated Savings

    $10,329

  • Utility Provider

    WE Energies

  • Connection Type

    Line Side/Parallel Generation (CGS-NM)

  • Environmental Equivalents

    361,853lbs of coal burned annually

At A Glance

  • System Size

    31.87 kW

  • Estimated Savings

    $4,998 Anually

  • Utility Provider

    WE Energies

  • Connection Type

    Monthly Net Metering (CGS-NM)

  • Environmental Equivalents

    CO2 Emissions: 22.6 Metric Tons 2,341 Gallons of Gasoline

At A Glance

  • System Size

    370kw

  • Estimated Savings

    $1,053,732

  • Utility Provider

    Alliant Energy

  • Connection Type

    Parallel Generation

  • Environmental Equivalents

    401,786 lbs. of Coal or 44,218,770 smartphones charged.

At A Glance

  • System Size

    389kw

  • Estimated Savings

    $1,190,164

  • Utility Provider

    WE Energies

  • Connection Type

    Net Metering

  • Environmental Equivalents

    384,108 lbs. of Coal or 42,273,187 smartphones charged