Considering going solar in Indiana? Installing solar panels at your home is one of the most environmentally responsible things you can do as a homeowner. It’s also one of the best financial decisions you can make, too.
Once installed, you can start experiencing the savings of solar right away. Of course, it takes years to recoup your initial investment. But after that, it’s all money in your pocket.
Luckily, there are many Indiana solar incentives available to make the initial investment more affordable and more accessible to the everyday homeowner.
From tax credits to local programs, and everything in between, solar incentives have never been so intriguing. Keep reading to discover the best 2021 solar incentives in Indiana.
Federal Tax Credits
One of the best deals when it comes to hiring an Indiana solar company to install panels at your home is the federal tax credit available. Otherwise known as the investment tax credit (ITC), or the federal solar tax credit, you can recoup up to 26% of your total solar purchase and installation cost on your federal tax return.
And luckily, there’s no cap on the amount you can get back. So if you have a massive installation, you’ll still save 26% on both home and commercial installation.
The program is intended to eventually phase out by reducing the amount you can save each year over the next few years. But throughout 2021 and 2022, you can earn 26% making this the best time to invest in solar.
Local Indiana Solar Incentives
There are also some Indiana-specific incentives to be aware of. For starters, when you hire solar installers in Indiana, you won’t have to pay sales tax on the actual components thanks to the state’s sales tax exemption on solar equipment.
Plus, the value added to your home by installing solar power isn’t taxable. So while your home value will increase, the amount of property taxes you pay won’t. As a result, hiring solar companies in Indiana has never been better.
Net metering is another incredible program that can actually earn you money with your solar panels. When your professionally installed system is connected to the local power grid, you can actually sell your excess energy.
So during excessively sunny days, such as in summertime, your solar panels will likely produce more energy than your home will use. In those cases, the excess can be sent to the power grid and purchased by your local utility company.
At the end of the year, they send you a check for all the electricity you sold to them.
The Best Time to Invest in Solar is Now
Now that you are aware of the Indiana solar incentives that are available, it’s time to consider if now is the time for you to invest in solar. If you’d like to save 26% of your total installation cost, which adds up to thousands of dollars, make sure to do so before 2022 comes to a close.
But the sooner you install, the sooner you start saving on electric costs, too. Now is the best time to invest in solar.
Looking for more information like this? check out the rest of our blog today to keep reading.