Worried you've missed your chance to get the best Go Solar deal? Have we got an update for you!
If you've been around the ole VELUX site before, especially within the past few months, you've likely seen us encouraging you to Go Solar. You can Go Solar by opting for any of our solar-powered products that help bring natural light into your home in a more energy-efficient way.
There has always been an extra incentive to Go Solar: the federal solar tax credit. Speaking of, isn't that set to expire soon? Not anymore!
Out With the Old...
Since 2009, homeowners who install solar electric property (i.e., solar-powered skylights) have been eligible for a federal tax credit that was enacted to encourage the installation of greener energy. According to the law that enacted the credit, homeowners could earn 30% back from 2009 through 2019, 26% back in 2020, and 22% back in 2021 before the credit expired in 2022.
But with the passage of the massive spending bill by Congress at the end of last year (the same one that approved the second round of stimulus checks), the federal solar tax credit was renewed and extended. Check out the details on how you can save with solar products:
...And In With the ReNEWal!
According to Green Tech Media, "The two-year extension of the federal Investment Tax Credit for solar projects will retain the current 26 percent credit for projects that begin construction through the end of 2022, rather than expiring at the end of 2020."
In other words, you can still earn a 26% tax credit based on the cost of any solar properties you install through next year! This tax credit can be applied to VELUX's Solar Powered "Fresh Air" Skylights, our solar-powered blinds, and even the Solar Night Light for Rigid Sun Tunnel® Skylights.
And remember: the tax credit is based on the total amount of your project. If you install solar blinds in a fixed or manual venting skylight, or add on the Solar Night Light to your new sun tunnel, your credit will be 26% of the cost of all products and installation. You can learn more about applying for the tax credit after installing solar-powered skylights on our Go Solar page.
The federal solar tax credit will stay at 26% for projects installed this year and in 2022, but will fall to 22% in 2023. So, if you missed your shot at the 26% in 2020, now's your chance to get in on the savings! Schedule a virtual consultation today to learn more about how you can Go Solar with skylights.