Monday, March 18, 2019

26 families in South Miami received thousands of dollars from the IRS for installing solar panels

I always believed there was no such thing as a free lunch...

until I discovered the Residential Renewable Energy Tax Credit.
If you put solar panels on a house you own, the IRS will write you a check for 30% of the cost.  

Twenty-six families in South Miami have already taken the free money by installing solar power.

The 30% deal is good for solar systems purchase through the end of 2019, then it’s 26% through 2021, 22% through 2022, then zero.  

The solar system pays back its cost through your electric bills, and keeps paying dividends after that.

Even if you have to take out a home equity loan or PACE financing to purchase the solar system, you still make money on the deal.  If you don't have enough income to use the tax credits in one year, they keep rolling over.

We got $5k back on our photovoltaic array, and another $5k on the home battery system.

I’ve heard three excuses for not getting solar:

1) “We have too many trees.”
OK, if your roof is in full shade, that one’s legit, though you can trim the trees a bit.

2) “First we have to fix the roof.” 
So, do it already, before the tax credit expires!  
We had to replace our roof.  We got our roofer to coordinate with our solar installer so the roof was solar-ready.  If your roof needs replacing you should do it before a hurricane does it for you.  You’ll save money on windstorm insurance at the same time.

3) “We’re not sure we’re going to stay in the house long enough.”  
Research shows that you’ll get the money back when you sell a solar house that has no electric bill.

Anyone owning a sunny roof who hasn't take advantage of this tax credit before it runs out is leaving money on the table.  Why would you do that when your neighbors are enjoying the hefty refunds and cheap renewable power?

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