Tax Credit
If you're considering installing solar panels on your home or business, there are a few steps you should take to ensure you're maximizing your savings and taking advantage of available tax incentives. Here's a quick checklist to follow:
Swap over to a Retail Electric Provider with a good solar buyback plan:
One of the most significant benefits of solar power is the ability to generate excess electricity, which can be sold back to your electricity provider. Make sure you're with a provider that has a good solar buyback plan.
You can check out this website for a current list of all buyback plans available in the state of Texas, which is updated weekly: Solar Buyback Plans.
We believe that this is the best solar buyback option currently available. Chariot Energy.
Get the system insured:
It's important to ensure that your solar panel system is properly insured. If the system is installed on your home, reach out to your homeowners' insurance provider to see how you can get it added to your policy. If the system is installed on the ground or on a shop, you may need to explore other insurance options.
Tax exemption:
Installing solar panels on your property will not increase your property taxes. However, you will need to fill out this form to ensure that you receive the appropriate tax exemption. Check with your local tax assessor's office for details on how to apply for the exemption.
Tax credit form
The federal government offers a 30% Investment Tax Credit for residential and commercial solar installations. To claim this credit, you'll need to fill out IRS Form 5695. You can fill out the form yourself or consult with an accountant for assistance.
By following these steps, you can ensure that you're maximizing your savings and taking advantage of all available tax incentives when you install solar panels on your property. If you have any questions or need further assistance, don't hesitate to reach out to us.