It’s Not Too Late for Solar Incentive Tax Credit Eligibility… Here’s Why
When you install your home solar system with Alba Energy before December 31st 2020, you may be eligible to earn 26% of your system cost as an Investment Tax Credit, or ITC.
How Does The Solar ITC Work?
Here’s an example:
Gross System Price: $20,000
Less 26% Tax Credit: ($5,200)
Net Cost: $14,800
Let’s say the system you purchase is $20,000. Your 26% tax credit would be worth $5,200 dollars, meaning that the net cost of your system is now only $14,800 dollars. What’s even better is that using Alba Energy’s SMART Solar Finance options, this system would only be $97 per month.
And in addition to the 26% solar tax credit, you may also be eligible for solar rebates/incentives from Texas power companies, helping you save even more. The Austin Energy Solar Rebate and CPS Energy Solar Rebate Programs pays as much as $2,500!
How Do You Apply For The Solar Incentive Tax Credit?
File the form 5695 as part of your tax return, and then enter the value of the 26% solar ITC into line 53 of form 1040. Don’t worry, Alba Energy is here to help if you have any questions!
As always with tax matters, make sure to consult a tax professional or CPA if you have any questions related to your specific situation.
Remember, in order to qualify for the tax credit in 2020, Alba Energy will need to substantially complete your installation by the end of the year, so act fast.
Alba Energy is proud to be a leading solar installer in Texas, with offices across the state. Alba’s SMART solar financing programs allow you to POWER your home with solar panels, pay LESS on electricity bills, and contribute to a CLEAN energy future! Contact Us to find out how much you could be saving with solar.
Request A Free Solar Quote Today!