2021 Federal Solar Incentives and Tax Credits
Adding solar to your Las Vegas home is a great way to save money on your electricity costs while also helping the environment and reducing the load on utility companies during the hottest parts of the summer. Reducing energy consumption is also a high priority for the state and federal governments, which is why they offer valuable tax incentives for families that upgrade to solar in Nevada and the Las Vegas area.
How Can Solar Help You Save Money?
Solar panels can generate significant amounts of power on their own, partially or fully powering your home during the daytime, depending on its size and the loads connected. This reduces your electricity costs when the sun is out, and with over 250 sunny days a year, you can take advantage of free or low-cost electricity year-round.
Adding energy storage can make your savings even more flexible. The Federal solar tax credit specifically applies to energy storage solutions, or batteries, giving credits that can significantly reduce your cost of ownership. A battery can shift your electricity usage to non-peak hours, reducing your costs and the strain on the utility grid. Nevada also supports net metering, allowing you to earn credits on your electricity bill when you are producing more power than you need.
The Federal Solar Tax Incentive
As a resident of Nevada, there is a federal tax incentive for installing solar systems and related equipment at your home. The federal tax incentive applies to the solar system itself. For 2021 and 2022, the federal tax incentive is worth up to 26% of the cost of the system, and in 2023, the incentive will be reduced to 22%.
After installing the solar system, you can deduct 26% of the cost from your taxes for 2021. That means that if you owe $10,000 in taxes, and the solar system costs $20,000 to install. you would be able to reduce your tax liability by $5,200, leaving you with just $4,800 to pay. It is a great way to reduce the amount of federal taxes you owe for the year while enjoying long-term energy savings for the life of the system.
Solar System Installations in Las Vegas & Southern Nevada
When you are ready to take advantage of the federal solar tax credit for solar systems, talk to our team at Cooper Roofing & Solar. We offer solar system installations throughout the Las Vegas area, and we can help you choose the best systems and equipment to maximize your tax savings. We offer top-quality solar panels and equipment, as well as professional solar installations that will keep your year-to-year energy savings as high as possible. With more than 13 years of service in Southern Nevada, you can count on us for all your roofing and solar needs.
Call us today at (702) 688-7940 or contact us online to request a free solar installation estimate anywhere in the Las Vegas area!