Beginning of January of this year the Solar Tax Credit Reduced from 30% to 26%. In 2021 the tax credit reduces to 22%, and in 2022 the tax credit is gone. Right now you still have the chance to receive a significant amount of money back from the government for GOING SOLAR, GOING GREEN, and SAVING MONEY.
Buying a Tier 1 panel that was made over-seas will wipe out 20% of your potential 26% savings from the Expiring Federal Solar Tax Credit if you qualify for it. We do offer Tier 1 products from over-seas for those that prefer a brand name they may be more familiar with, but because of the Article 201 Solar Tariffs implemented by the government in 2018 the Tier 1 panels made over-seas come with a larger price tag because of the Tariffs that run until 2022.
If you work for an employer and pay taxes you should be eligible for the Federal Expiring Tax Credit. If you work for yourself and run your own business you may be eligible for it as well depending on if you receive a return or owe a liability at the end of the year. Unfortunately the tax credit does not extend to retirees. The majority of working people are eligible for the credit. Since everyone's incomes and tax responsibilities differ, I always recommend speaking with your tax professional about the specifics of the filing your Tax Form 5695 which can be downloaded below.
Because of the implemented Section 201 Solar Tariffs 80 to 90% of Tier 1 products will cost more until 2022. The current guidelines have a 30% tariff in 2018, a 25% tariff in 2019, a 20% tariff in 2020, and a 15% tariff in 2021 until the tariffs hopefully end in 2022. When you combine that with the Federal Solar Tax Credit that is reducing annually until it runs out completely with the tariffs. This can add a significant price increase for Residential Roof-Top Solar for going with an installer that is justifying the much larger cost difference for the over-seas purchased panels by calling them PREMIUM. Going this route is wiping out the additional money you could've saved without tariffs, and making it harder to start saving immediately when looking to go Net Zero from the start.
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