Did you know that the federal solar tax credit is now available for a few more years? It’s true! So, if you install solar panels to your home in 2019, you can still claim a 30 percent tax credit. That’s a significant amount of money that will in turn offset your project costs. After 2019, the credit reduces every year until it’s either gone or renewed again.
Solar Renewable Energy Credits (SRECs) In Indiana?
Solar Renewable Energy Credits (SRECs) are actually state credits. You may have heard people mention that residents in Indiana don’t qualify for credits. They are talking about SRECs, not the Federal Solar Investment Tax Credit. Currently, Indiana doesn’t offer SRECs. That’s OK though, because the federal tax credit is a much bigger amount of money back in your pocket. SRECs are generally no more than a few hundred dollars.
Federal Solar Investment Tax Credit (ITC)
You will need your receipts and invoices, so save them for tax time. If you install the solar panels yourself, you can still use this credit, but you can’t claim your own labor as part of the money to be credited. If you are doing it yourself, you should know all of the things you can claim under the Federal Solar Investment Tax Credit (ITC), because it’s actually quite a lot.
The following expenses are allowed to be claimed if you are purchasing the solar array. (If you are leasing the panels to be installed, you can not claim the expenses under the investment tax credit!)
- Electrician charges
- Engineering charges
- Installation fees
- Consulting expenses
- Contractor fees
- Permitting fees
- Equipment/tools rental expenses
- Solar equipment
- Cost of freight shipping
- Tools purchased
- Screws, fasteners and other hardware
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Are You Ready to Buy a New Home?
If you’re interested in moving to a community near Evansville or Jasper, Indiana, check out our listings. Become familiar with the area. Before you start shopping for a home in Indiana, it’s a good idea to explore areas you might like to live in — that way you can get a feel for what properties are available and how much you’ll need to spend. We’ll help you find homes for sale in the most beautiful parts of Indiana.
Let us know if you want us to be on the lookout for Evansville or Dubois County homes with solar arrays, geothermal systems or other green upgrades too!
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Thinking of Selling Your Dubois County Home?
On the other hand, if you’d like to sell your Dubois County real estate, we’d love to help with that too! We offer a completely FREE Comparative Market Analysis (CMA). Zillow’s zestimates can be off by as much as 12 percent! Obviously, to make any decisions, you need to know the actual value of your property, right? A 12 percent difference could be a deal breaker when it comes down to it. Yet, if you contact us today, we can get you a detailed report and the estimated value for your home based on today’s market. Plus, we can get that to you usually in less than one day. So, request your FREE home valuation for your Dubois County home today!
Contact Welsh Realty Corp. Today!