Tax season is here, and there are a lot of deductions and rebates to navigate, especially if you've upgraded your home with things like solar panels.
EnergySage broke down the details in a video shared on its YouTube page, explaining that tax rebates are often available through local and state entities and manufacturers.
"Chances are, you may qualify for more than one if not all three, and that translates into hundreds if not thousands of dollars of extra savings."
Tax credits are also available through the Inflation Reduction Act (IRA), which means you'll lower your tax bill while rebates offer a quicker return on your money. The IRA incentives might not be available forever, as President Trump has stated he wants to eliminate the subsidies. Ultimately, that would require an act of Congress, so it's best to take advantage of any tax incentives or rebates while they're still available.
Solar panels can be a major money saver on your electric bills, with Forbes estimating you can save $25,500 to $33,000 on your bill over the panels' lifetime. Some people have even gone months without an electric bill, thanks to solar, making the investment pay off even more quickly.
Switching to solar also has environmental benefits, reducing reliance on dirty energy sources, which in turn lowers planet-warming pollution that can lead to more extreme weather events and other environmental changes. Home energy use is a top contributor to pollution, according to the EPA, so switching to solar and other electric appliances in your home is an important piece of the puzzle working towards a greener future.
Navigating the tax incentives and rebates can feel daunting, but EnergySage can help you understand what will work best for your home by not only showing applicable incentives but also helping you find the best solar plan and installers with estimates and quotes from installers.
|
What's the biggest factor stopping you from investing in solar panels? Click your choice to see results and speak your mind. |
The cost 💰 
Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
