The Solar Investment Tax Credit for San Antonio

The Solar Investment Tax Credit, also know as the Investment Tax Credit (ITC), allows you to deduct a percentage of the cost of your solar panel project from your federal taxes. The ITC is available for both residential solar projects and commercial solar projects in San Antonio.  At it's peak, the highest percentage you could deduct was 30%.  In 2020 the percentage has dropped to 26%, and is scheduled to drop in 2021 to 22 percent.  And in 2022 the Investment Tax Credit is scheduled to disappear completely.  If you plan to take advantage of the solar investment tax credit with your San Antonio solar panels, time is of essence. Enacted in 2006, the Solar Investment Tax Credit was one of the most important factors in the growth of solar energy in San Antonio. Across the nation. the U.S. solar industry has grown over 10,000 percent since it's inception. Eligibility is based on a "commence construction" standard laid out in the IRS issued guidance. Taking a good look at the time line of the claimable percentage, you will see that in 2020, the percentage is at 26%, and scheduled to drop to 22% in 2021.  Those who decide to wait on their solar project beyond 2021 will risk the government not revitalizing the tax credit, and it will drop to 0% for residential solar projects. How Does the Solar Investment Tax Credit Work in San Antonio? The 26% federal tax credit claimed against tax liability for residential (under section 25D)  is for investors in solar energy.  Residential ITC allows a homeowner to apply the credit to their personal income taxes.  This credit can [...]