Financial Benefits
For example: if you paid $30,000 for solar installation, the IRS will give you a 30% Federal Tax Credit in the amount of $9,000 (30% of $30,000).
Simply download and complete Form 5695 from the IRS website and use it to provide the IRS with your solar installation costs and information. You DO NOT send them a copy of your receipt.
StipulationsThere are just a few stipulation:
- You must owe taxes to benefit from the tax credit.
- You MUST install solar by December 31st of the current year to take advantage of the 30% IRS tax credit.
Call the IRS at 800-829 option 1, then option 4. Ask the operator for the Energy and Tax Credit Area, and you will be transferred to a specialist.
Environmental Benefits
U.S. Environmental Protection Agency (EPA): “Electricity generation is currently the largest industrial source of air emissions in the United States. Fossil fuel-fired power plants are responsible for
- 40% of man-made carbon dioxide (CO2) emissions
- 23% of the nation's nitrogen oxide (NOX) emissions
These emissions contribute to the formation of smog, haze and are associated with a wide range of health problems. In addition, greenhouse gases emitted by fossil fuel-fired power plants increase the risk of climate change. In comparison, the emission from solar electricity generation is negligible as no fossil fuels are combusted to create electricity."