For those who are interested in using the solar investment tax credit to its fullest potential, they would be very wise to claim it this year. What are the reasons for this? Well, most importantly, 2019 is the final year that the full tax credit may be claimed. This amounts to a 30% tax credit, which is very generous but which will be going down in percentage on an annual basis from here on out.
The purpose of the tax credit is really quite simple. It is meant to incentivize the investment into solar energy to ensure the lessening of greenhouse gasses which have been proven to be harmful to the environment. This is why investing in our future is so important.
What the tax does is give you your investment price into solar energy back as a pre-determined percentage in the form of a tax credit. So, for instance, if you were to invest this year in solar energy for your residence or even your business, you would get 30% of that cost given back as a credit on next year’s taxes.
These tax credits can be carried over to following years as well. Meaning that if you do not owe taxes in the given year, you can go ahead and claim it on the next year’s taxes as well. This is why people are especially loving this year’s solar itc new jersey. Because it makes for a great deal in an economic sense but also helps to save the environment for future generations. So you can not only do good but make money while you are doing it, a virtual win-win scenario for anyone who is thinking of taking advantage of this great tax benefit. Why not take it if it is there?