Inflation Reduction Act Increases (ITC) to 30%
If you’re a homeowner, you probably know that there are many benefits to going solar. Solar panels can help you save money on your energy bills, reduce your carbon footprint, and increase the value of your home. But did you know that by adding battery storage to your solar system, you may be eligible for a federal tax credit?
The Investment Tax Credit (ITC) is a federal tax credit that allows homeowners and businesses to deduct a percentage of the cost of installing solar panels or other eligible renewable energy systems from their federal taxes. In August 2022, Congress passed an extension of the ITC, raising it to 30%
But here’s the exciting part: if you add battery storage to your solar system, the cost of the battery system may also be eligible for the ITC as part of the overall solar energy system installation. This means that you could potentially receive a tax credit of 30% on the cost of both your solar panels and your battery storage system.
So why should you consider adding battery storage to your solar system? There are several reasons. First, battery storage allows you to store excess solar energy that your panels produce during the day and use it later when the sun isn’t shining. This means that you can further reduce your reliance on the grid and potentially save even more money on your energy bills.
Second, battery storage can provide backup power during outages. If you live in an area that experiences frequent power outages, a battery storage system can provide peace of mind by keeping your lights on and your appliances running even when the grid goes down.
Finally, adding battery storage to your solar system can increase the value of your home. As more and more homeowners become interested in renewable energy and energy independence, homes with solar and battery storage systems are becoming more desirable in the real estate market.
So if you’re thinking about going solar, consider adding battery storage to your system to take advantage of the Investment Tax Credit and all the benefits that battery storage has to offer. Contact Sun Solar to learn more about adding battery storage to your solar system and start saving money on your energy bills today.