Solar Energy and the Taxman: How the Solar Panel Tax Credit Can Help You Save Money
As the CEO of Abundant Energy Experts , I've seen firsthand the benefits of solar energy for individuals and businesses. One of the most significant incentives available for those who invest in solar panels is the solar panel tax credit. In this blog post, we'll discuss how the solar panel tax credit works and how it can help you save money. The solar panel tax credit, also known as the investment tax credit (ITC), is a federal tax credit that allows homeowners and businesses to deduct a portion of their solar panel system's cost from their federal taxes. The credit was initially introduced in 2005 as part of the Energy Policy Act , and since then, it has helped many Americans switch to solar energy. How the Solar Panel Tax Credit Works The solar panel tax credit applies to the cost of purchasing and installing a solar panel system, including the panels themselves, mounting equipment, and wiring. According to an article published by Lauren Murphy and Lexie Pelchen on For