Did you know....
…that you can finance your residential solar system installation and qualify for up to a 30% federal solar Investment Tax Credit (ITC) on the cost? This credit can be applied towards your payments or retained as a benefit.
…that for commercial solar installations, there are currently federal grants available that can cover up to 50% of the total project cost? Additionally, businesses may qualify for a federal tax credit of 30% through the Investment Tax Credit (ITC). Moreover, the federal government offers 100% accelerated depreciation through the Modified Accelerated Cost Recovery System (MACRS), allowing for 60% depreciation in the first year and 10% each year over the next four years.
Many states offer additional tax credits, rebates, and other incentives for solar installations. This could further reduce the cost of going solar. For example, some states provide performance-based incentives (PBIs), which pay solar system owners for the electricity their systems generate.
For clients who prefer not to own the solar system outright, Power Purchase Agreements (PPAs) and solar leases offer flexible financing options. These arrangements allow businesses or homeowners to install solar with little to no upfront cost while benefiting from lower energy bills.
Solar Legacy Pros! helps you choose the best option available for you and also assists you with the financing. Get in touch with us by calling 865-280-5000 or CLICK HERE to fill our Free Consultation form. We will get back to you within 24 hours.
Let’s break down an example from 2024-2030 to show how someone can save by installing solar panels instead of relying on conventional electricity.
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- Cost of solar system installation (8 kW covers 100% of electricity needs): $20,000
- Federal solar tax credit (you can get up to 30%): $20,000 × 0.30 = $6,000.
- Net cost after tax credit: $20,000 – $6,000 = $14,000.
- Annual solar maintenance costs: $200 (for cleaning, inverter checks, etc.).
- Annual electricity consumption: 10,000 kWh (average U.S. household).
- Average electricity cost: $0.15 per kWh (increasing by 2% annually due to inflation).
- Annual consumption: 10,000 kWh × $0.15 = $1,500.
First-year savings – No electricity bill, but $200 in maintenance, so net savings = $1,500 – $200 = $1,300.
And the savings go ON and ON.
Go Solar In 5 Easy Steps!
CONSULTATION
The initial consultation will discuss the potential benefits of considering a solar energy system and installing it.
SITE SURVEY
We will measure your roof at your home or business to determine the best system for your solar application.
DESIGN, ENGINEERING & PERMITTING
Design and assemble the engineering documents to present to the county and utility company for permits and approvals.
INSTALLATION
Upon approval, we will contact you to schedule the installation. Depending on the project, it can take us one-five days to finish.
INSPECTION & CONNECTIVITY
After a final inspection and the interconnectivity process with your power company, we will instruct you how to use your system.
Turn your home or business into a power plant with
SOLAR LEGACY PROS!
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Call us to harness the power of the sun and let your home shine brighter! 865-280-5000
Book a FREE CONSULTATION today!