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Is the Federal Tax Credit For Solar Panels Going Away in 2020?

More than 2 million homeowners nationwide have made the switch for their homes to clean solar power. Over 140,000 of those homeowners are right here in our home state of Arizona! Arizona currently ranks 3rd in the whole country for solar installed according to the Solar Energy Industries Association.

It’s no wonder why Arizonans like solar power. We have over 350 days of sunshine a year and generous programs from the electric utilities and our state government to help offset the cost of going solar.

The main incentive the state of Arizona offers to homeowners going solar is a $1,000 tax credit on your state taxes. This tax credit is good through the end of 2020.

Another factor that many Arizona homeowners take into account when making the decision to go solar is the tax credit the federal government gives for homeowners installing solar panels. This is referred to as the Federal Investment Tax Credit. Since 2006, it has provided a 30% tax credit on the total cost of purchasing a solar panel system.

For 2020, this number will be stepped down to 26%, and it will be brought down further to 22% for 2021. After 2021, the tax credit will be eliminated; unless it is extended by new legislation.

If you missed the deadline for the 30% tax credit, don’t worry, you can still save money by going solar. The price of solar panels and other solar equipment has dropped substantially in recent years, and the cost of purchasing electricity from the utility “grid” has only gotten more expensive.

Our solar purchase program for 2020 is saving customers on average 20% the very first month after installation and over $50,000 of savings over the life of the solar panel system!

Give us a call at (520) 858-0220 to speak with a real solar expert here in Tucson, or stop by our offices at Grant and I-10!


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