Residential Financial Incentives for switching to solar power
At Shaw Solar, we pride ourselves on staying current with the latest residential opportunities and incentives at the local, state, and federal levels, an ever-changing landscape.
These attractive financial incentives can greatly reduce the cost of your solar PV system. However, as the cost of installing a system decreases over time, so will the incentives. Incentives and credits are meant as a temporary measure to lower the cost of renewable energy systems so they can compete with conventional energy sources. Now is the time to take advantage of these incentives. The paper maze to qualify for these rebates and incentives can be confusing at best. Shaw Solar will handle all the paperwork required for the LPEA rebate, and is happy to discuss the potential tax advantages of going solar.
You will receive a 30% personal tax credit, which is 30% of the installed system cost with no cap. As part of the American Recovery and Reinvestment Act of 2009, this tax credit was extended through 2020. If you purchase a system from Shaw Solar, we’ll make sure you have the necessary documentation to claim this credit come tax time. If you cannot use it this year, this income tax credit can be carried forward until 2016.
In addition, if you happen to finance your system through a Home Equity Loan, the interest may also be tax deductible.
La Plata Electric Association does not offer a meaningful incentive at this point.